Canada has announced retaliatory tariffs on US goods worth about 20 billion US dollars, escalating the ongoing trade dispute between the two countries. The counter-tariffs will cover more than 700 American products and are set to take effect on September 8.
The new duties will range from 15 per cent to 50 per cent and will apply to products including steel, aluminium, furniture, clothing, dairy products, electronics, machinery and agricultural equipment. Canada said the measures are designed to match the latest US tariffs dollar-for-dollar.
The move follows the United States imposing 50 per cent tariffs on around 20 billion dollars worth of Canadian goods. The latest measures mark another escalation in trade tensions between the two long-standing trading partners.
Canadian Finance Minister François-Philippe Champagne said the counter-tariffs are intended to protect Canadian workers, businesses and industries affected by the US measures. The government has also announced a support package worth 7.5 billion Canadian dollars to assist businesses and workers facing the impact of the trade dispute.
With the tariffs due to come into effect in September, there remains a window for further negotiations between Ottawa and Washington. However, the latest measures have increased concerns over the economic impact of a prolonged trade conflict between the two countries.
