US President Donald Trump announced immediate quickly 50% tariffs on chosen Canadian goods.

The targeted categories include steel, aluminum and lumber.

The the Treasury office said the move aims to shield domestic producers and lower Canada’s trade surplus.

The Canada’s government responded with plans to fight back.

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

Market analysts alerted that the tariffs could broader trade conflict.

Both sides hinted a willingness to negotiate a agreement.