US imposes 50% tariffs on Canadian goods worth $20 billion

The tariffs took effect on Saturday, targeting approximately $20 billion in Canadian exports to the United States. The duties apply to a broad range of items including plywood, alcoholic beverages, electrical equipment, and hockey gear, marking a significant escalation in trade tensions between the neighbouring nations.

Canada's Finance Minister Mark Carney responded swiftly to the announcement, vowing to implement countermeasures against the American tariffs. The commitment to retaliation signals that the trade dispute is likely to intensify in the coming weeks, with potential implications for bilateral commerce.

The tariffs represent one of the largest recent trade actions between the two countries and are expected to impact numerous Canadian industries. Business groups and exporters have expressed concern about the measures, which could disrupt supply chains and increase costs for American consumers reliant on Canadian products.

The move comes amid broader trade tensions in North America, with implications extending to regional trade agreements and economic partnerships. Both countries are expected to engage in negotiations to resolve the dispute, though the immediate outlook remains uncertain given the stated commitment to retaliation.