Canada Announces Retaliatory Tariffs on $20 Billion Worth of US Goods

Canada announced retaliatory tariffs on $20 billion worth of U.S. goods on Tuesday, matching the new duties imposed by Washington, while unveiling financial support for Canadian businesses and workers affected by the escalating trade war. The counter-tariffs will take effect on September 8 and impose duties of 15%, 25%, and 50% on 700 products imported from the United States.

Canada's government statement detailed the financial support package, valued at C$7.5 billion, which includes aid for small and medium-sized businesses, cash flow assistance for companies, and protection for workers potentially impacted by the new tariffs. President Donald Trump's 50% tariffs on $20 billion of Canadian imports took effect on Saturday after negotiations between the two countries to avoid the tariffs failed.

These tit-for-tat tariffs represent a new low in the Canada-U.S. relationship. Canada's Finance Minister François-Philippe Champagne emphasized that the counter-tariffs and support package would safeguard workers, farmers, families, and businesses, while minimizing the impact on Canadian consumers and businesses.