Late Monday afternoon, President Donald Trump imposed a 50% tariff on most Canadian goods, stating that Canada unfairly discriminated against American autos, alcohol, and dairy products.

The Trump administration vowed to impose a fresh 50% tariff on some Canadian goods over what it said was unfair treatment of American alcohol, cars and dairy, further inflaming trade tensions between the two neighbours.

The U.S. economy has already absorbed two major waves of tariffs since President Donald Trump took office last year, and now a third is about to begin.

The United States is imposing 25% tariffs on imports from Brazil after finding a range of what it deemed unfair trade practices by the world's 10th-biggest economy.