Canada is poised to announce new tariffs on U.S. goods Tuesday in retaliation for the 50% duties that President Donald Trump imposed after a breakdown in trade talks, Canadian trade minister Dominic LeBlanc told CNBC.

"Our preference was not to do that," LeBlanc said on "Squawk Box" after confirming Canada's intention to unveil the new tariffs.

"Our preference was to find a deal that benefits both countries," he said. "We still believe that's possible. But in the meantime, we're not waiting by the phone."

Canadian officials are set to announce Ottawa's response to the United States' action at a press conference at 11 a.m. ET.

This is developing news. Please check back for updates.