US-Canada Tariff Talks Fail; US Says Canada Raised Demands at Final Stage

The collapse matters less for the tariff headline than for what it signals about the negotiating process: a deal that was reportedly close enough to be framed as a final-stage discussion has now failed on a last-minute demand, which makes re-engagement harder and raises the odds that tariff risk gets priced back into cross-border trade flows. Crypto and RWA markets have no direct exposure here, but they remain sensitive to the broader risk-off impulse that unresolved trade friction tends to generate. The open question is whether this is a pause or a genuine breakdown, and whether tariff threats are reinstated or held in reserve.