PM: Retaliatory tariffs to come after Labour Day (live updates)

PM: Retaliatory tariffs to come after Labour Day

Carney said retaliatory tariffs, in response to Trump’s new levies, will come into force on Sept. 8.

In his address on Saturday, Carney acknowledged that the tariffs will “raise costs and reduce choice” for Canadians.

“But at the same time, we take this step confident that it is in the best interest of Canada, and that by rejecting a bad deal by standing up for Canada, (we focus) on what we can control,” he said.

In recent days, American negotiators proposed “new terms that were economically unfair.”

The terms “undermined net benefits for Canadians and called into question the reliability of any deal,” he said.

“However, last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal.”

“At midnight tonight, the U.S. intends to impose a 50% tariff on roughly $28 billion of Canadian goods,” the statement read.

“Canada will match those tariffs dollar for dollar to protect our workers and businesses.”

Canada has declined to finalize the trade deal, ‘upended’ balance: Greer

Smith: “I am deeply disappointed that Canada and the United States have not been able to reach a trade agreement. Alberta has always advocated for a tariff free relationship, and will continue to do so. No one benefits from a trade war. Tariffs and counter-tariffs hurt businesses.