Canada announces ‘dollar-for-dollar’ retaliatory tariffs on US as high as 50%

Canada has imposed retaliatory tariffs of up to 50% on a wide range of US goods in response to recent levies on Canadian imports imposed by President Donald Trump. The Canadian tariffs will target nearly C$28bn worth of American products, including steel, furniture, fresh tuna, and cotton T-shirts. The list of targeted products is designed to mirror Canadian goods previously hit by the US.

Finance Minister François-Philippe Champagne stated that the retaliation aims to address the consequences for Canadian workers, businesses, and communities. Canada also plans to provide an additional C$7.5bn in support programs to mitigate job losses and keep companies afloat. While Canadian officials describe their response as "proportionate" and "strategic," the White House accused Canada of making unreasonable demands during trade talks.

The escalation could have significant consequences for businesses and consumers on both sides of the border, as supply chains become more expensive. Canada has released a list of nearly 900 US products that will be affected, ranging from steel and aluminum to appliances and dairy products.