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

The designated categories include steel, aluminum and lumber.

The the Treasury 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 statement.

Market analysts signaled that the tariffs could expanding trade conflict.

Washington and Ottawa indicated a willingness to negotiate a agreement.