Mark Carney: "at its highest level in two decades, running at twice the rate of our nearest G7…"

Trade negotiations between Washington and Ottawa collapsed, and Prime Minister Mark Carney said the U.S. intended to impose 50 percent tariffs on about $28 billion in Canadian imports at midnight. Carney said Canada was suspending talks, recalling negotiators from the U.S., and would impose equivalent duties to protect Canadian workers and businesses. He described last-minute U.S. changes as imbalanced, commercially unreasonable, and a blow to confidence in any agreement. Carney said new support measures would add to nearly $25 billion in aid over the past 18 months, and he touted Canada’s domestic strength and trade diversification, projecting second-fastest G7 growth, job creation four times the U.S. pace, a doubling of non-U.S. exports within a decade, and strong foreign investment.