US President Donald Trump announced immediate abruptly 50% tariffs on chosen Canadian goods.

The targeted categories include steel, aluminum and lumber.

The the Treasury said the move aims to safeguard domestic producers and lower Canada’s trade surplus.

The Canada’s government responded with plans to counter.

The Canadian dollar tumbled 1.5% against the US dollar after the statement.

Economists signaled that the tariffs could escalating trade conflict.

The two nations indicated a willingness to negotiate a settlement.