U.S.-Canada trade talks collapse, massive tariffs to take effect
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Trade talks between the U.S. and Canada fell apart late Friday night, and both sides said steep new tariffs will go into effect.Why it matters: It's an unprecedented breakdown in relations with the second-largest U.S. trading partner.Catch up quick: Trump last month threatened to invoke Section 338 of the Tariff Act of 1930 to hit a slew of Canadian goods with additional 50% duties, including alcohol, hockey equipment, cement and dairy products.No president has ever used Section 338 to impose ta
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