Canada Faces New 50% U.s. Tariffs This Wednesday

Canada is just days away from a significant new escalation in its trade war with the United States.
President Donald Trump has ordered 50% tariffs on nearly US$20 billion worth of Canadian goods, set to take effect Wednesday, August 19. Unlike many previous tariffs, the targeted goods will not be exempt even if they comply with CUSMA/USMCA.
The tariffs cover a wide range of Canadian exports, including dairy products, wine, furniture, cement, hockey sticks, clothing and other goods. Energy and potash are among the exemptions.
Canadian and U.S. officials are engaged in intensive negotiations to avert the tariffs — but as of today, Reuters reports the two sides remain far apart on key issues.
The tariffs are scheduled to kick in at 12:01 a.m. Wednesday unless a deal or delay is reached.