On August 21, 2026, Prime Minister Carney announced he was suspending trade negotiations with the United States. In his official published statement Carney said:

In recent weeks, we made important progress toward improving Canada's position as having the best deal in the world with the U.S.

However, last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal.

At midnight tonight, the U.S. intends to impose a 50% tariff on roughly $28 billion of Canadian goods. Canada will match those tariffs dollar for dollar to protect our workers and businesses. In the coming days, the government will introduce additional measures to support Canadian workers and businesses, building on the nearly $25 billion in support provided over the past 18 months.

More:

• "As U.S.-Canada trade talks collapse, Carney says retaliatory tariffs will start Sept. 8 | CNBC"
• "Canada rejects US terms for trade deal as 50 percent tariffs take effect | The Hill"