NEW: US imposes 50% tariffs on Canada as trade talks fail

The U.S. imposed 50% tariffs on more than $20 billion worth of Canadian products early Saturday after recent negotiations between the G7 allies fell apart. In a post on X, U.S. Trade Representative Jamieson Greer said, "Canada declined to finalize the trade deal under the terms agreed earlier this week," adding that "new demands and walk backs of other commitments by Canada have upended the careful balance reached in the past days."

Meantime, Canadian Prime Minister Mark Carney said his country is suspending trade negotiations with the U.S., adding that it would match the 50% tariffs dollar for dollar.



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