The Canadian dollar fell on Monday morning after trade talks between Ottawa and Washington fell apart, leaving both sides facing higher prices on a wide array of imported goods. The United States on Saturday slapped 50% tariffs on around $20 billion worth of imports from Canada, its second-biggest trading partner after Mexico. The affected goods span dairy, wine, wood products, ceramics and a slew of other areas. Canadian Prime Minister Mark Carney said he would retaliate « dollar for dollar » with tariffs starting September 8, targeting sectors such as steel, dairy, agricultural equipment, paper and electronics. The Canadian dollar was 0.55% lower against the U.S. dollar at 4:30 a.m. ET, also dipping against the euro, British pound and Japanese yen.
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