Canada strikes back at Trump with retaliatory tariffs as US trade war escalates
Canada on Tuesday announced retaliatory tariffs on C$27.6 billion ($19.94 billion) worth of US goods, including steel and dairy products, in a dollar-for-dollar response to President Donald Trump's punitive tariffs on Canadian products. Ottawa also announced a C$7.5 billion aid package for impacted Canadian businesses and workers as the trade war between the two countries escalated.
Canada retaliated to US President Donald Trump's 50-percent tariffs on Canadian goods by imposing its own counter-tariffs on US products, ranging from 15% to 50% depending on the industry. The new tariffs, set to take effect on September 8, impacted sectors such as steel, dairy, and electronics. Canada's Finance Minister Francois-Philippe Champagne announced a $5.4 billion (CA$7.5 billion) aid package for affected firms and workers.
This response comes after US trade negotiations collapsed at the eleventh hour, resulting in about $20 billion in Canadian goods facing duties, equivalent to 5.5 percent of its exports to the United States. Canadian Prime Minister Mark Carney reiterated that Canada would match the US tariffs, stating they were an unprecedented challenge, but Canada would meet the moment.
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