Ottawa, August 22 (QNA) - Canadian Prime Minister Mark Carney announced Saturday that Canada will impose retaliatory tariffs on the US after new 50% US tariffs on a number of Canadian products came into effect, following the failure of the two countries to reach a deal.

Carney described the terms proposed by Washington as "unfair and uneconomic", calling into question the reliability of any deal.

He added that earlier this week, Canada believed it was heading toward a compromise, stating that in recent days, the US proposed new terms that were uneconomic and unfair, and up-ended the net benefits for Canada by, in short, asking too much and offering too little.

The Prime Minister continued by saying that Canada couldn't accept what they offered, and it wouldn't give what they asked for, accusing the US administration of waging a trade "war" against Canada.

Carney pointed out that Canada's new tariffs will particularly target US steel and dairy industries and will come into effect on Sept. 8, adding that more specifics will be released next week.

Both countries have failed to reach a trade deal, in a new escalation of tensions between them.

The White House said earlier today that the US will impose 50% tariffs on some imports from Canada, after negotiations failed.

It explained that tariffs on Canadian goods worth about $20 billion will come into effect from midnight Saturday.

In a statement, Carney declared the suspension of trade negotiations with the US, confirming that Canada will retaliate against the new tariffs.

Carney said negotiators made every effort, in good faith, to defend the interests of Canadians throughout these negotiations until the last moment, but the changes made to the terms proposed by the US were unfair and uneconomic.

The US administration's decision came after three consecutive days of talks in Washington between Canadian Minister responsible for trade with the US Dominic LeBlanc and US Trade Representative Jamieson Greer. (QNA)