Canada unveils new tariffs of up to 50% on US imports as the trade war escalates

Canada is preparing to impose retaliatory tariffs on US imports as high as 50%.

On Tuesday morning, Canadian officials outlined Ottawa’s response to a growing trade war with the US after talks between North America’s two largest economies broke down.

The targeted list of roughly 700 products ranges from steel and aluminum to fish and T-shirts. All told, the Canadian government said the countermeasures will target $27.6 billion worth of US imports.

Canada is set to impose the retaliatory tariffs starting at 12:01 on September 8, the day after Labor Day. Labor Day is also traditionally considered the start of the final sprint before the US elections, adding the potential costs the Trump administration may face if both sides remain at loggerheads.

On Saturday, the US imposed 50% tariffs on a host of Canadian goods. Separately, President Donald Trump announced on Monday that he could impose 50% tariffs “on all Cars, Trucks, both large and small, Automotive Parts, and Steel,” beginning on January 1, notably after the midterm elections.

Earlier Tuesday, before Canada outlined its response, Trump threatened to rename Lake Ontario to Lake America.

This is developing.