Canada announces retaliatory tariffs on US goods
Canada's government said it would impose tariffs on some 700 US goods as of next month, amid the latest trade spat between Donald Trump and Mark Carney.
Ottawa has announced counter-tariffs on U.S. goods ranging from 15% to 50%, escalating the long-standing trade conflict between the two countries. The retaliatory measures will commence on September 8, earlier announced by Prime Minister Mark Carney following President Donald Trump's imposition of 50% duties on Canadian products on Saturday.
Officials revealed that Canada's duties will mirror U.S. levels, affecting sectors like steel, dairy, and electronics. Canada's government also unveiled a $5.4 billion (CA$7.5 billion) aid package to assist affected firms and workers, marking an unprecedented challenge. Prime Minister Carney stated that Canada will meet this momentous challenge.
Finance Minister Francois-Philippe Champagne emphasized unity, declaring that Canada stands together in response. The U.S. tariffs targeted approximately $20 billion worth of Canadian goods, accounting for around 5.5% of Canada's exports to the United States. The trade war intensified after trade talks faltered at the last minute.
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