The Canadian dollar declined after trade negotiations with the US ended without agreement, leading to the imposition of 50% tariffs on $20 billion worth of Canadian goods. Canada plans to respond with equivalent tariffs on US products, affecting a range of exports including wine and hockey sticks.
Market reactions included a 0.2% drop in the Canadian dollar against the US dollar, while Asian stock markets also fell. Oil prices decreased as investors awaited details on impending US sanctions against Iran.