Canadian Dollar Slides as US Tariff Fight Threatens to Drag On
The loonie weakened 0.61% as Washington’s new levies hit about $20 billion in Canadian imports and Ottawa prepared retaliatory tariffs.
- The Canadian dollar fell 0.55% Monday morning after trade talks between Ottawa and Washington collapsed Friday, prompting the U.S. to impose 50% tariffs on around $20 billion in Canadian imports Saturday.
- President Donald Trump claimed the two countries had a "DEAL" on Tuesday and gave negotiators three additional days, but talks deteriorated when the U.S. "asked too much and offered too little," according to Prime Minister Mark Carney.
- Carney announced Canada will retaliate "dollar for dollar" with tariffs beginning Sept. 8, targeting steel, dairy, agricultural equipment, paper, and electronics, with additional details to be released "in the coming days."
- Imposed under Section 338 of the Tariff Act of 1930—a provision never previously used—the measures affect annual trade exceeding $700 billion, prompting warnings from the U.S. Chamber of Commerce and The Canadian Chamber about supply chain disruptions.
- Officials indicate no new trade talks are currently planned, and Carney promised government financial support for affected businesses "for as long as it takes," including potentially beyond the current U.S. administration.
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