Canada announced the imposition of retaliatory customs duties on American products ranging between 15 and 50 percent, pointing out that they will enter into force starting September 8. Yesterday, US President Donald Trump threatened Canada with raising US customs duties on all Canadian cars, trucks, and auto parts to 50 percent starting January 1st next, in an escalation of the trade dispute following the collapse of negotiations over the weekend. The proposed trade agreement was scheduled to reduce the highest customs duty rate on Canadian cars and light trucks from 25 to 15 percent, and duties on aluminum and steel from 50 to 25 percent, but the agreement collapsed on Friday due to a number of points of contention, including whether the US customs exemption would include medium-duty trucks. Amidst the trade escalation, US President Donald Trump announced on Tuesday that Washington is seriously considering changing the name of "Lake Ontario" to "Lake America," noting that the United States "does not expect to do much business with Ontario anymore."