Canada tariffs on $12.6B of US goods take effect

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Canada has retaliated with $16.6 billion in counter-tariffs and the US midterm elections are in the fall.

The economist tapped by Lopez Obrador to lead Nafta talks if he wins said on June 26 that he hopes a deal can be reached "within a couple of months".

Canada announced billions of dollars in retaliatory tariffs against the USA on Friday.

In an interview that aired Sunday on Fox News, Trump said he could quickly sign a revised NAFTA with Canada and Mexico, but instead wants to land a better deal for the U.S. Asked about the timing of an agreement, Trump said: "I want to wait until after the election".

The $16.6-billion in levies on American goods are in retaliation to USA tariffs on Canadian steel and aluminum and are on a number of every-day items you might pick up at the grocery store.

Especially after Donald Trump imposed tariffs on Canadian steel and aluminum and called out Canada's dairy industry.

Canadian Minister of Foreign Affairs Chrystia Freeland announced the tariffs at a steel facility in Hamilton, Ontario, where she was flanked by brawny workers in yellow hard hats.

A fresh round of talks on the three-country pact will come with Canada and the USA locked in an unprecedented, cross-border trade fight.

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"We've been very nice to Canada for many years and they've taken advantage of that, particularly advantage of our farmers", she said.

Premier Sandy Silver and Mayor Wayne Potoroka were there as Larry Bagnell, Yukon's Member of Parliament, gave Trudeau a rousing introduction as "the first prime minister in decades who has been outside Ottawa on Canada day".

"At the G7, the president actually proposed that they get rid of all tariffs and drop all barriers and have really great trade, and they refused that", Sanders said.

Karl Littler with the Retail Council of Canada says you might see a bit of difference when it comes to your food bill.

Canadian Prime Minister Justin Trudeau's office said in a statement that the prime minister "had no choice but to announce reciprocal countermeasures to the steel and aluminum tariffs that the United States imposed on June 1, 2018".

"I think we'll get through this".

Trump railed against his trading partners during the meeting, according to sources, and withdrew his support for a joint communique after leaving the summit, angering and bewildering some of Washington's closest allies.