Toronto Mayor Olivia Chow told CBS News that the escalating tariff fight between the U.S. and Canada is "a lose-lose situation" and "really unnecessary," arguing the trade dispute threatens jobs in Canada and could increase prices for Americans.

Canada's tit-for-tat tariffs of up to 50% on $20 billion worth of American goods announced Tuesday are a dollar-for-dollar retaliation against the Trump administration's 50% tariffs on Canadian products – the latest volley in a widening trade war.

Chow said around 5,000 jobs in Toronto's textile, clothing and leather manufacturing industries could be affected.

"When that happens, it means the price of Americans buying things, the cost will go up," Chow said.

President Trump also announced 50% tariffs on Canadian automotive and steel imports that, absent a deal, would take effect on Jan. 1, 2027.

"Canada has been ripping off the United States of America for years," Mr. Trump wrote on Truth Social Monday, adding "Canada will be treated like a State no longer!"

"We feel like we're being bullied," Chow said in response to Mr. Trump's comments about making Canada the 51st U.S. state. "Being called the 51st state, it's threatening our sovereignty as a country, and we don't take it lightly."

Chow has vowed to "hit back," in part, by encouraging her constituents to buy Canadian goods rather than American products.

"Unless there's a choice, we're going to buy what is around us," Chow said, stressing her frustrations are with the U.S. government, not the American people.

"It's not Americans that are hostile. It's that president of yours that is just attacking us," she said.

She urged Americans to contact their elected officials to push for further negotiations.

"They've been our partners and friends for so many generations," Chow said. "Why are we just ripping things apart for no good reason?"

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