Canada will impose tariffs ranging from 15% to 50% on a range of U.S. products starting September 8, the finance minister announced today, detailing Ottawa’s response to the latest U.S. tariffs.
Canada is “united in its response” to the “unprecedented challenge” posed by the trade war launched by the U.S., said Finance Minister François-Philippe Champagne. “This is an unprecedented challenge imposed on Canada. But Canada will rise to the occasion,” he added.
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At the same time, he announced financial aid for sectors severely affected by this trade war, with the allocation of 7.5 billion Canadian dollars (4.6 billion euros) to support business liquidity and boost unemployment benefits.
These retaliatory measures, which Canadian Prime Minister Mark Carney had announced in broad terms on Saturday, will target U.S. steel, U.S. dairy products, as well as agricultural equipment, the paper industry, electronics, and household appliances.
Ottawa’s response comes as the trade war between the two neighbors escalates following the collapse of bilateral talks aimed at reaching an agreement.
After bilateral negotiations were suspended on Friday, following a decision by Carney to avoid what he called “a bad deal,” Trump announced yesterday new tariffs on Canadian exports to the U.S.
As of Saturday, new U.S. tariffs of 50% took effect on Canadian imports worth approximately $20 billion.
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Source: APE-MPE
