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

The targeted categories include steel, aluminum and lumber.

The Washington’s Treasury department said the move aims to safeguard domestic producers and lower Canada’s trade surplus.

The the federal government responded with plans to counter.

The Canadian dollar tumbled 1.5% against the US dollar after the declaration.

Market analysts signaled that the tariffs could expanding trade conflict.

The two nations hinted a willingness to negotiate a deal.