Canadian Dollar Tumbles 0.6% After U.S. Hits $20 Billion of Imports With 50% Tariffs
Updated
Updated · drydenwire.com · Aug 24
Canadian Dollar Tumbles 0.6% After U.S. Hits $20 Billion of Imports With 50% Tariffs
3 articles · Updated · drydenwire.com · Aug 24
Summary
The Canadian dollar fell 0.6% against the U.S. dollar on Monday, its worst day in two months, after Washington imposed 50% tariffs on about $20 billion of Canadian imports.
The loonie also weakened against a range of major currencies as markets priced in a broader U.S.-Canada trade war after bilateral talks collapsed.
Mark Carney said Washington had “asked too much” and that he would not compromise Canada’s sovereignty or key industries, reinforcing expectations of retaliation.
ING strategists said Canada, as a smaller and more open economy, has more to lose from the dispute, raising risks to the country’s recent growth recovery.