US signals 50% tariffs on Canadian autos, dairy from 19 August

Summary

After the USTR declined to renew USMCA on 1 July, President Trump invoked the century-old Section 338 on 20 July to impose 50% duties on Canadian autos, alcohol and dairy, effective 19 August and covering about $20bn of imports. A decade-long wind-down of the trade pact now begins.