US-Canada Trade War Heats Up: What Traders Need to Watch
- U.S.-Canada trade talks collapsed, triggering new 50% tariffs on $20B worth of goods.
- Canada has vowed to retaliate “dollar for dollar,” raising risk of escalation.
- Canadian dollar weakened while Bitcoin rose and gold gained, highlighting mixed market reactions.
Trade talks between Washington and Ottawa broke down just before a midnight deadline. Fresh 50% tariffs on billions of dollars worth of Canadian goods have now taken effect. This has prompted Prime Minister Mark Carney to vow to retaliate “dollar for dollar.”
Carney suspended trade negotiations minutes before the deadline, following a three-day extension Trump had granted for talks. The new duties hit hundreds of items worth roughly $20 billion, including plywood, liquor, electrical equipment, and hockey gear.
For traders, the question is whether this will trigger a market sell-off or whether …
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