Canada announces 'dollar-for-dollar' retaliatory tariffs on US as high as 50%
The latest escalation in an ongoing trade war between the US and Canada will see new levies on goods from steel to furniture, fresh tuna and makeup.
Canada has announced retaliatory tariffs on US goods as high as 50%, targeting nearly C$28bn worth of American products. These tariffs will come into effect on September 8 and are designed to match the US's recent levies on Canadian imports. Finance Minister François-Philippe Champagne stated that these measures are in response to 50% tariffs imposed by the US on Canadian goods, following the collapse of trade talks.
The Canadian government plans to offer C$7.5bn in support programmes to help businesses and workers affected by the US tariffs. The retaliatory measures are expected to cause supply chain disruptions and higher prices, impacting Canadian businesses and consumers. Prime Minister Mark Carney accused Trump of wanting to "destroy Canadian industries," while Trump accused Canada of ripping off the US for decades and charging American farmers steep tariffs. The USMCA trade pact between Canada, the US, and Mexico is also at risk due to this escalation.
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