U.S. President Donald Trump announced a 50% tariff on approximately $20 billion worth of Canadian exports, which took effect last Saturday, covering Canadian wine, dairy products, cement, apparel, and hockey equipment, among others. This followed the breakdown of U.S.-Canada trade talks over the weekend. Canadian Prime Minister Mark Carney vowed to take reciprocal retaliatory measures, planning to impose tariffs on U.S. steel, dairy products, appliances, and electronics starting September 8. Businesses in both countries expressed concern about the escalating trade war and anticipate significant losses.