Canada has announced counter-tariffs of up to 50% on nearly C$28bn of US goods, including steel, furniture, fresh tuna and cosmetics. The measures are due to begin on 8 September. Ottawa called the response “proportionate” and “strategic” and pledged C$7.5bn in support for affected businesses and workers.

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Canada has announced retaliatory tariffs on about $20 billion worth of U.S. goods. Canadian trade negotiators left the United States last week after failing to secure a deal that would have prevented President Donald Trump’s new tariffs from taking effect.

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Canada announced retaliatory tariffs on C$27.6 billion ($19.94 billion) in US goods, including steel and dairy, matching the punitive duties imposed by President Donald Trump on Canadian products. Ottawa also unveiled C$7.5 billion in aid for affected Canadian businesses and workers as tensions escalated.

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As its trade war with the United States intensifies, Canada is retaliating against tariffs imposed on its goods in recent days by placing tariffs on US products. Ottawa has also announced a multibillion-dollar aid package for workers and urged Canadians to buy local to support domestic industries.

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Canadian ministers set out a series of countermeasures after the Trump administration imposed new tariffs on Canadian goods, deepening the trade war between Canada and the United States.

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Canada announces tariffs of up to 50% on more than 700 US goods, with the highest import taxes targeting steel and aluminum.

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Syrian President Ahmed al-Sharaa welcomed Washington’s removal of Syria from the decades-old US list of state sponsors of terrorism. The decision lifts severe economic restrictions and is intended to encourage investment, reconstruction and Syria’s reintegration into the global economy, while the Treasury said its counterterrorism stance remains unchanged.

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Turkey welcomed the US decision to remove Syria from its list of state sponsors of terrorism. The move ends a decades-old designation that carried severe economic consequences for Damascus, alongside announced sanctions relief for Syria.

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Iranian officials are keeping up their tough rhetoric toward the United States after Washington announced a fresh package of sanctions. Tehran has promised countermeasures as the country continues to suffer from already high inflation.

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The US is seeking to cut Iran off from the global economy. Treasury Secretary Scott Bessent announced a new sanctions wave, dubbed “Operation Economic Outcast”, covering nearly 60 entities, people and vessels and extending secondary sanctions to shipping, gold, aviation, technology and digital assets. Official figures show Iran exported about $56bn to at least 112 countries and territories in 2024 and imported $68.5bn from at least 87, with trade increasingly oriented towards Asian and regional partners.

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US Treasury Secretary Scott Bessent is threatening a campaign against Iran that he labels an “economic D-Day”; the pressure could leave America confronting China, its main trading partner.

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Iranian Economy Minister Seyed Ali Madanizadeh says the government anticipated tougher US sanctions, prepared measures to counter them and is ready for new restrictions. He says a two-year economic plan addresses the relevant challenges, while acknowledging that the war has affected industry, particularly metallurgical plants.

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The US says it will target every source of Iran’s revenue, including oil. Treasury Secretary Scott Bessent described the campaign as an “unprecedented” economic war and warned countries that keep trading with Tehran of severe consequences.

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Treasury Secretary Scott Bessent announced what he called an “unprecedented” campaign to cut Iran off from the global economy. The Trump administration is seeking to choke the country’s economy and bring an end to the nearly six-month-old war.

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U.S. Treasury Secretary Scott Bessent says he will unveil severe economic and financial measures against Iran. Tehran has faced near-continuous sanctions since the 1979 Islamic Revolution and vows to retaliate.

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Treasury Secretary Scott Bessent’s promised deficit-reduction plan, expected in the coming days, is set to confront a stark obstacle: there is no indication that the Republican-controlled Congress will deliver any net budget cuts this year.

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Canadian Prime Minister Mark Carney said his government is continuing to consider ways to retaliate against new tariffs imposed by US President Donald Trump on Canadian goods. He added that Canada remains willing to continue trade talks if the US takes the “right attitude.”

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Canada’s currency plunged against the US dollar and bonds rallied after trade talks between the two countries collapsed, as the widening rift threatened the outlook for economic growth.

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The US-Canada trade war shows no sign of easing. Canadian negotiators left talks in Washington after Prime Minister Mark Carney accused the Trump administration of making disproportionate last-minute demands. The US is imposing 50% tariffs on $20 billion of Canadian goods, while Canada’s retaliatory tariffs on US products are due to begin in early September, posing serious risks to both economies.

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U.S. President Donald Trump threatened additional tariffs on dozens of Canadian imports after Prime Minister Mark Carney pledged retaliation, as trade negotiations between Washington and Ottawa faltered.

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The United States and Canada are moving toward a deeper trade war after last-ditch efforts to reach a deal collapsed Friday. Americans could begin seeing higher prices for goods in three areas.

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Businesses on both sides of the border are bracing for losses after US-Canada trade talks collapsed and both governments pledged 50% tariffs on each other’s goods. Calgary jeweller Cindy Baldassi expects most of her US sales to disappear, while furniture, clothing and retail companies warn that higher costs could cancel orders and overwhelm small businesses.

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Bloomberg News Now highlights Canada’s response to US tariffs, Donald Trump’s stock disclosures and other leading global business stories in an audio report updated throughout the day.

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The long-standing allies and economic partners have been drawn into an escalating trade war. Canadian Prime Minister Mark Carney suspended talks with Donald Trump and chose retaliation, saying the US demanded too much while offering too little. He must now convince Canadians that enduring economic pain to secure a better deal is worthwhile.

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Trade talks between the US and Canada have collapsed into a trade war, with Washington imposing 50% tariffs on $20bn of Canadian goods. Prime Minister Mark Carney says Canada was ‘attacked’ and vows to match the measures dollar for dollar, while the escalation puts the future of the USMCA in doubt.

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US and Canadian negotiators had been nearing a trade agreement earlier this week, but talks collapsed after both governments accused the other of making last-minute changes. Prime Minister Mark Carney announced retaliatory tariffs after Washington imposed a 50% levy on $20 billion worth of Canadian goods, and addressed Canadians on Saturday for the first time since the breakdown.

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US President Donald Trump attacked Canada on Sunday, saying it wanted “the benefits of being a State, without being one.” His remarks followed Canadian Prime Minister Mark Carney’s announcement of retaliatory tariffs after describing the existing deal as a “bad deal.” Talks between the longtime allies broke down in Washington on Friday, signaling a widening rift.

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The Atlantic says Donald Trump’s threats and pressure on Ottawa have failed to deliver results, leaving the US president behind in the trade conflict. Canadian Prime Minister Mark Carney said negotiations were suspended and Canada would impose retaliatory tariffs from September 8, while US tariffs of 50% on some Canadian goods took effect Saturday.

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Canadian Prime Minister Mark Carney says Canada will match new US tariffs “dollar for dollar” after trade talks with Washington broke down.

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Trade talks between the US and Canada collapsed Friday, partly because negotiators reached a last-minute impasse over reducing US tariffs on Canadian medium- and heavy-duty vehicles, according to people familiar with the matter.

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Canada will impose tariffs on several US products from September 8, Prime Minister Mark Carney said, pledging to match Washington’s new duties dollar for dollar. The move follows the United States imposing 50% tariffs on a broad range of Canadian goods after trade talks collapsed. Carney described the dispute as a trade “war.”

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The United States plans to impose 50% tariffs on $20 billion worth of Canadian products early Saturday after last-ditch talks failed to ease the latest strain between the long-standing allies.

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Canada and the United States are entering an escalating trade war after Prime Minister Mark Carney suspended talks with President Donald Trump and retaliated against new duties rather than accept a tentative agreement. Carney must persuade Canadians and less-affected provinces that the economic pain is worth risking in pursuit of a better deal.

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