What to know

• Canada is preparing retaliatory tariffs against the United States as relations sharply deteriorate, with President Donald Trump telling Canadian leaders to “fall in line” and musing about renaming Lake Ontario as “Lake America.”S1
• Canada is poised to roll out a batch of retaliatory tariffs in response to President Trump's 50% duty on $20 billion worth of goods after trade talks between the two North American neighbors broke down last week.S2