Canada announced Tuesday it will impose retaliatory tariffs on $20 billion worth of United States goods, matching dollar-for-dollar new duties recently imposed by Washington. The tariffs, set to take effect September 8, target a range of U.S. products, including steel, and are a response to failed trade negotiations with the Trump administration. Canadian trade negotiators departed the U.S. last week without reaching an agreement to avert the tariffs.
The Canadian government also unveiled financial support measures intended to protect workers, farmers, families, and businesses impacted by the escalating trade war. The value of the retaliatory tariffs is reported as C$27.6 billion ($19.94 billion) by some sources, while others state the figure as $20 billion or $25 billion, reflecting currency conversion differences. The Straits Times reported the figure as $25 billion, while Newsmax and other sources reported $19.94 billion, and the Financial Times and NBC News reported $20 billion.
While the exact scope of the financial support measures remains unspecified, the intention is to mitigate the economic impact on Canadian stakeholders. The announcement escalates a trade dispute that has worsened since negotiations with the U.S. collapsed. It is currently unclear how the U.S. will respond to these new tariffs, leaving the future of trade relations between the two countries uncertain.
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