Canadian Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on Saturday after trade talks with the U.S. collapsed.

Canada Prime Minister Mark Carney on Saturday announced his country would impose "dollar-for-dollar" tariffs on U.S. goods - a retaliatory measure after trade talks between the two nations broke down, leading the U.S. to impose 50% tariffs on roughly $20 billion in Canadian goods.

Carney said the the tariffs would take effect next month on the Tuesday after Labor Day, and would focus on sectors including steel, dairy, paper, electronics, appliances and agricultural equipment.

This is a developing story and will be updated.

-Rey Mashayekhi