US slaps 50% tariffs on $20B of Canadian goods, loonie slides
US-Canada trade talks collapsed, and the loonie dropped 0.45% against the dollar by Monday morning. Washington's 50% tariffs hit $20 billion of Canadian imports, and Mark Carney vowed "dollar for dollar" retaliation from September 1. The goods are just 0.6% of Canadian GDP, yet Capital Economics warns a collapse in exports could still push Canada's weak growth back toward zero. The stakes are lopsided.