Canada retaliated on Tuesday with tariffs on approximately $20 billion worth of U.S. goods, targeting steel, aluminum, cheese, appliances, clothing, cosmetics and farm equipment at rates of 15%, 25% or 50%. Prime Minister Mark Carney said U.S. demands could hollow out key Canadian industries and limit the country’s independence, while Trump’s threats against Canadian sovereignty have rallied public support behind him. Canadians have sharply cut travel to the United States and are boycotting American products, while Trump also threatened to ban Bombardier aircraft sales and renamed Lake Ontario “Lake America.” Canada’s economy grew at a 3.2% annualized rate in the second quarter, more than twice the 1.5% pace in the United States. Industry Minister Mélanie Joly stated she is convinced Canada will be able to show the world it will win this trade war.
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