Trump threatens Bombardier, Canadian dollar as counter-tariffs set to roll out

As President Donald Trump continues to enforce his 50 percent tariffs on Canadian goods, Canada is set to impose counter-tariffs on Tuesday in response. Hundreds of products, valued equally to those under Trump's tariffs, will be affected. Finance Minister François-Philippe Champagne announced the list, stating that Canada will match the dollar-for-dollar value of U.S. Section 338 tariffs.

Colin Mang, an assistant economics professor at McMaster University, noted that the list this time is smaller than the previous one, with fewer consumer goods. Prices might rise for items like clothing and washing machines from the U.S., but many counter-tariffs are industrial materials and wood products.

The counter-tariffs come two weeks after the U.S. duties went into effect, after Canada failed to reach a trade deal with the U.S. during negotiations. Conservative Leader Pierre Poilievre criticized Trump's actions and urged Prime Minister Mark Carney to be transparent about the counter-tariffs and the rejected trade deal. Poilievre also called for an economic action plan, including scrapping the industrial carbon price, scrapping the ban on pipelines, and shipping oil from the West Coast.

U.S. Treasury Secretary Scott Bessent downplayed the impact of Canada's counter-tariffs on the U.S., likening Canada to a "little yippy dog" barking at a "110-pound German shepherd." NDP Leader Avi Lewis called for using Canada's leverage, such as energy, critical minerals, and potash products, to pressure the U.S. in a potential tit-for-tat trade war.