Canadian dollar dips after US-Canada talks collapse into trade war; oil prices fall ahead of US sanctions on Iran - business live

The Canadian dollar slid after U.S.-Canada trade talks collapsed on Friday, with Washington imposing 50% tariffs on $20bn of Canadian goods and Canada planning dollar-for-dollar retaliation. The loonie fell 0.2% to C$1.3798 per U.S. dollar, stepping back from a three-month high, after hopes of a deal on steel, aluminium and cars ended at the last minute. Prime Minister Mark Carney said Canada would “match Washington’s new tariffs dollar for dollar,” with retaliatory tariffs set to take effect 8 September across items including wine, furniture, dairy, cement, clothing and fishing rods and hockey sticks, covering about 5% of exports to the U.S. Markets also weighed oil declines and uncertainty ahead of details on threatened Iran sanctions, while global stocks fell and Brent dropped 1.6% to $92.81 a barrel.