00:02The Canadian dollar is taking a hit this morning as the trade war between the United States and Canada escalates.
00:09The loonie fell about half a percent against the U.S. dollar and also lost ground against several other major
00:16currencies.
00:17The drop comes after new 50 percent U.S. tariffs took effect Saturday on about $20 billion worth of Canadian
00:24goods, including dairy, wine and wood products.
00:27Canada is now promising to retaliate dollar for dollar with new tariffs starting September 8th.
00:33And the deal fell apart fast. Just days earlier, President Trump said the two sides, quote, have a deal and
00:40gave negotiators three extra days to finish it.
00:42By Friday night, the talks had collapsed. Canadian Prime Minister Mark Carney called the final U.S. terms uneconomic and
00:49unfair,
00:50saying the Americans wanted to restrict Canada's ability to make trade deals with other countries.
00:56U.S. Trade Representative Jameson Greer blamed Canada for the breakdown, saying Ottawa added new demands and backed away from
01:03earlier commitments.
01:05The new tariffs are expected to face a core challenge, while businesses on both sides of the border warn
01:10the escalating fight could drive up costs and disrupt supply chains.
01:17The new payments are expected to spin the level of China's ability to approve costs.
01:18The new tariffs are expected to pay close眾ings, while businesses on justeunda their Hill with ribe Trail ao traversal by
01:18store.
