Trump announced a “DEAL” on Tuesday night. Then things went south. Now the $1 trillion trade relationship is unraveling.

Trade talks with Canada collapse hours before a new tariff deadline. President Trump threatens Iran with an "Economic D-Day" the same week the U.S. national debt surpassed $40 trillion.

Canadian Prime Minister Mark Carney has vowed to match the new 50 percent levies "dollar for dollar."

The deal’s demise means 50 percent tariffs on $20 billion worth of Canadian goods now go into effect, hitting products ranging from alcohol to hockey skates.

Trump’s latest tariff threat jolted more than a year of stalled trade talks between the U.S. and Canada.

The potential revival would mark another effort by Trump to reverse Biden-era policies on the controversial pipeline.

The president announced late Tuesday night that the two governments had reached an initial agreement to avert the 50 percent duty.

A deal to avoid 50 percent duties on some Canadian goods is on Trump's desk, as Ottawa and Washington work towards a broader trade agreement.