The US imposed 50% tariffs on $20 billion worth of Canadian goods last Saturday after trade negotiations collapsed. On Monday, President Trump also threatened new 50% levies on all Canadian car products, starting January 1. In response, Canadian Prime Minister Mark Carney unveiled retaliatory measures on Tuesday against over 700 US products, also valued at $20 billion, with tariffs tiered at 15%, 25%, and 50%, set to take effect on September 8. Analysts from Oxford Economics warn that Canada could lose 100,000 jobs under the current tariffs and may enter a recession if the USMCA pact ends, as its economy is a tenth the size of the US and 70% of its exports go south of the border.