Carney to speak as U.S.-Canada trade talks fall apart, 50% tariffs hit

Trade talks between the United States and Canada have collapsed, resulting in the implementation of 50 percent tariffs. The breakdown in negotiations marks a severe escalation in economic tensions between the two neighboring nations.

In response to the crisis, officials have scheduled immediate high-level political consultations. Carney is set to address reporters around 11 a.m. before holding a critical 1:30 p.m. meeting with the premiers representing Canada's provinces and territories to discuss the fallout and coordinated responses to the steep new trade penalties.