The United States and Canada failed to reach a trade deal late on Friday, and the U.S. announced it would impose 50% tariffs on about $20 billion worth of Canadian goods. The tariffs took effect just after midnight on Saturday and add to existing duties on steel, lumber and automobiles. Canadian Prime Minister Mark Carney suspended trade negotiations and ordered Canadian negotiators to return to Ottawa. Canada also pledged to retaliate dollar for dollar on the new tariffs. These measures could hinder Canada’s fragile economic recovery and complicate future negotiations on a broader free-trade agreement between the two countries.
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