US President Donald Trump has announced his intention to impose significant tariffs on Canadian lumber and dairy products, escalating to 250% after initially considering a 25% tariff. This action is in retaliation to Canada's 250% tariff on US dairy exports, which Trump views as unfair trade practices. The tariffs are set to be implemented following a brief delay, during which Trump highlighted the history of perceived unfairness in the lumber and dairy trade between the two countries.