UPDATE — this extends our earlier coverage: Trump Revives Depression-Era Trade Law as Canada Fight Roils Markets

Canada's retaliatory tariffs on $20 billion of US goods, with rates reaching 50%, took effect this week, according to Firstpost and Crain's Detroit. Trump responded by threatening to ban Canadian planemaker Bombardier from the US market, indexbox.io reports.

The two countries have long run the world's largest bilateral trading relationship, according to the BBC, and both sides are bracing for a prolonged standoff. An open tariff war between two G7 economies risks disrupting integrated supply chains — autos, aerospace, energy — well beyond North America.