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- October 24, 202612°
- BIST10011,117-0.92%
- USD49.63+0.05%
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- GOLD4,010.00-1.24%
- INTEREST36.00%-1.00
- BITCOIN80,577-0.91%
- October 24, 202612°
Canada suspends talks with US and announces matching tariff response
Canadian Prime Minister Mark Carney announced the suspension of trade talks with the US and said Canada would respond at the same rate to the planned 50% tariff on approximately $28 billion worth of Canadian products. The decision came after talks in Washington failed to make progress toward Canada's objectives.
Canadian Prime Minister Mark Carney announced that he had suspended trade talks with the US and instructed Canada's negotiating team to return to Ottawa.
Carney said the progress made in the talks had not met Canada's objectives. He said Ottawa was seeking a fair agreement that would provide the best possible access to the US market and greater predictability for Canadian businesses and workers.
Canada will match the tariff rate
Carney said the US planned to impose a 50% tariff on approximately $28 billion worth of Canadian products starting at midnight. He announced that Canada would respond at the same rate to protect its workers and businesses.
The prime minister said Canada's negotiators had worked in good faith until the last minute to defend the country's interests. Describing last-minute changes to the terms presented by the US as unfair and economically unworkable, Carney said the steps raised questions about the credibility of any potential agreement.
Washington talks ended before an agreement
Trade talks had resumed in Washington on Friday morning, before the midnight deadline set for the 50% tariff to be applied to Canadian products worth approximately 30 billion Canadian dollars, or 22 billion US dollars.
The two sides had previously said they were close to reaching an agreement. US President Donald Trump said on Wednesday that a very fair agreement had been reached.
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