- Canada announces $29.8 billion in retaliatory tariffs on U.S. products in response to recent American trade actions.
- Officials cite the need to protect Canadian industries and maintain fair trade relations.
- Analysts warn of potential economic fallout and prolonged trade disputes between the two nations.
Canada is set to impose $29.8 billion in retaliatory tariffs on a range of U.S. products as a result of the recent U.S. trade policies that have placed tariffs on Canadian exports.
In response to the recent 25% tariffs on all steel and aluminium imports that came into effect recently, Canada is imposing reciprocal tariffs by hitting the U.S. with $14.2 billion worth of imported U.S. goods.
“The U.S. administration is once again inserting disruption and disorder into an incredibly successful trading partnership and raising the costs of everyday goods for Canadians and American households alike,” said Finance Minister Dominic LeBlanc.
This adds on to the initial $30 billion worth of U.S. imports that Canada levied earlier in March.
The federal government stated that the expanded list of products subject to counter-tariffs includes tools, computers and servers, display monitors, water heaters, sports equipment and cast-iron items.
“We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted,” the minister continued, announcing the package alongside Foreign Affairs Minister Melanie Joly and Industry Minister Francois-Philippe Champagne.
LeBlanc stated that the federal government was informed on Tuesday about the U.S. extending tariffs to steel and aluminium content in certain derivative products.
Officials in Canada are currently evaluating the impact and preparing a potential tariff response if necessary.
The ongoing trade war continues amidst the transfer of power from Justin Trudeau to Mark Carney, who pledged that all proceeds from Canada's tariffs would go to support workers in affected industries.
Edited by Harshajit Sarmah
