U.S.-Canada talks fail; Carney says retaliatory tariffs start Sept. 8– www.cnbc.com

The U.S. imposed 50% tariffs on some Canadian products on Saturday after trade talks between the two countries fell apart on Friday.

In response, Canada said it would impose its own retaliatory tariffs beginning on Sept. 8.

Negotiators for both sides had been working on a deal all week, at times signaling that an agreement was near. President Donald Trump had postponed the original deadline of Wednesday just hours ahead of it being imposed, saying that there was a soon-to-be finalized deal. Dominic LeBlanc, Canada’s trade minister for the U.S., told reporters on Thursday that a deal was “very close.”

However, both sides blamed the other for not reaching a deal as the tariffs, impacting roughly $20 billion in Canadian exports, including wine, furniture, dairy products, cement, clothing, fishing rods, hockey equipment, went into effect on Saturday morning.

U.S. Trade Representative Jamieson Greer, in a post on X early Saturday morning, that “Canada declined to finalize the trade deal under the terms agreed earlier this week.”

Canadian Prime Minister Mark Carney said in a statement released on Friday that despite working toward a deal, “that progress has not been enough to meet our objectives for Canadians,” saying that “last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal.”