US President Donald Trump announced immediate suddenly 50% tariffs on specific Canadian goods.

The impacted categories include steel, aluminum and lumber.

The Washington’s Treasury department said the move aims to defend domestic producers and shrink Canada’s trade surplus.

The Ottawa’s government responded with plans to counter.

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

Economists signaled that the tariffs could broader trade conflict.

Both sides hinted a willingness to negotiate a deal.