U.S. President Donald Trump said he is considering renaming Lake Ontario to Lake America while Canada announced retaliatory tariffs on about $20 billion of U.S. goods, escalating a trade dispute that began after negotiations collapsed and threatens further economic confrontation.
Canadian Finance Minister François‑Philippe Champagne said the measures are dollar‑for‑dollar counter‑tariffs covering $27.6 billion of U.S. imports, with rates of 15, 25 or 50 percent taking effect on September 8, matching the 50 percent tariff on $20 billion of Canadian goods announced by Trump.
The tariffs target steel, aluminum, dairy, appliances and other sectors, and Canadian officials say they aim to shield domestic firms and curb U.S. imports, while the U.S. border with Canada runs through Lake Ontario separating Ontario and New York.
Trump accused Canada of trying to destroy its auto steel and aluminum sectors while Canadian leaders argued the U.S. proposals were unacceptable and demanded too much in return leading for a suspension of negotiations ongoing.