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Canada is imposing retaliatory tariffs on US goods worth CAD 29.8 billion in response to US steel and aluminum tariffs. The tariffs target US industrial and farm products, escalating trade tensions between the two countries.
Canada is set to impose retaliatory tariffs on US goods worth CAD 29.8 billion (USD 20.7 billion) in response to the 25% steel and aluminum tariffs imposed by US President Donald Trump. Finance Minister Dominic LeBlanc announced that the tariffs will take effect at 12:01 am EDT tomorrow, targeting US industrial and farm products.
Canadian Foreign Affairs Minister Mélanie Joly emphasized that Canada is holding strong and views this as a day-to-day fight. She criticized Trump's tariffs as being sparked by exaggerated claims about Canada's border and national security concerns. Joly also addressed the American people, highlighting Canada's role as the US's best friend, neighbor, and ally, and its position as America's largest customer.
The move comes after the European Union announced its own retaliatory trade action against the US. Canada is the largest foreign supplier of steel and aluminum to the US, and the tariffs are expected to have significant economic implications.
LeBlanc stated that Canada will maintain its countermeasures and potentially increase them in April if the US does not lift its tariffs. He emphasized the importance of respecting the United States-Mexico-Canada free trade agreement, which was renegotiated during Trump's first administration.
The trade tensions between the US and Canada have been escalating, with Trump repeatedly calling for Canada to be annexed as the 51st state. Joly views this rhetoric as an attempt to coerce Canada economically.
Canada's retaliatory tariffs are a response to the US's protectionist trade policies, which have been criticized by many countries. The tariffs are expected to affect a wide range of US goods, including steel, aluminum, and agricultural products.
The ongoing trade dispute between the US and Canada has significant implications for the global economy. Many experts believe that the tariffs could lead to higher prices for consumers, reduced economic growth, and potential job losses.
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