Canada, tariffs of up to 50% for the US - Targeting about 20 billion USD of American products
Canada announced the imposition of reciprocal tariffs on the United States, according to the so-called "dollar-for-dollar" scheme, in retaliation for the 50% tariffs that President Donald Trump imposed over the weekend, following the failure of trade negotiations.
Ottawa's new tariffs cover more than 700 U.S. goods and are worth about $20 billion, roughly the same value as recent tariffs Trump imposed on Canadian wine, cement, hockey sticks and many other products. The counter-tariffs range from 15% to 50% and target a wide range of U.S. products imported into Canada, including dairy and seafood products, household appliances, wood and paper products, and clothing.
Among the most significant are the 50% tariffs on US steel and aluminum, doubling the current rate. The tariffs on metals and wood were imposed in response to previously announced tariffs by the US on steel, aluminum, lumber and other products.
The new tariffs will take effect on September 8, while Canada also unveiled an additional $7.5 billion package to support businesses and workers hurt by America's tariffs. "When the United States asked for too much and offered too little, we made a choice. We chose Canada," Canadian Finance Minister François-Philippe Champagne said at a news conference.
The new tariffs would have been avoided if the sides had reached a trade deal before it took effect on Saturday. Trump had earlier said a deal was almost done, but Canada suspended negotiations on Friday evening, claiming Washington made unreasonable demands and last-minute changes.
The failure of the negotiations has opened a new chapter in the trade war between the key allies, adding to tensions that were already high over Trump's use of tariffs and comments on Canada. The tit-for-tat tariff policy could further exacerbate existing concerns about high costs, as businesses warn it creates greater uncertainty and could make it more expensive to trade across the border.
Prime Minister Mark Carney, in a speech after the talks failed, acknowledged that the decision to retaliate “will increase costs and reduce choices for Canadians.” Carney, who became prime minister last year after previously heading the Bank of Canada, has expressed a desire to diversify the country’s economy in order to reduce its dependence on the United States.
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