US-Canada Trade War Explodes: 50% Tariffs Hit $20B in Goods After Midnight Collapse

50% tariffs on approximately $20 billion worth of Canadian goods took effect at 12:01 a.m. ET Saturday after trade talks between the U.S. and Canada collapsed late Friday night. This marks the first-ever use of Section 338 of the Tariff Act of 1930 against a major trading partner, hitting roughly 5% of annual Canadian exports to the U.S.

Behind the Data

The breakdown came after three days of frantic negotiations in Washington. U.S. Trade Representative...