Canada announces up to 50% retaliatory tariffs on over 700 US goods

Ottawa [Canada], August 26 (ANI): Canada has announced retaliatory tariffs on more than 700 US goods worth CAD 27.6 billion (about USD 20 billion), matching the US' 50 per cent tariff on Canadian goods that took effect on August 22, Francois-Philippe Champagne, the Minister of Industry and Minister said on Tuesday (local time).
According to Canada's Finance Ministry, "Goods subject to 25 per cent tariffs include appliances, dairy products, such as cheese, fish and seafood, and certain steel and aluminum derivative products."
Also, the 50 per cent counter tariffs apply to steel and aluminium products that were previously subject to a 25 per cent tariff, as well as furniture, clothing and apparel.
"Effective September 8, Canada will impose counter-tariffs of 15, 25 and 50 per cent on products drawn from those targeted by U.S. Section 338 and Section 232 tariffs, with the rate for each product matching the corresponding U.S. rate," the statement reads.
The United States imposed tariffs on about USD 20 billion worth of Canadian imports following the failure of trade talks, affecting around five per cent of Canada's exports to the US.
US President Donald Trump further escalated the trade dispute on Monday (local time), announcing that tariffs on Canadian cars, trucks, automotive parts and steel imports would rise to 50 per cent from January 2027.
In response, the Canadian federal government announced retaliatory tariffs on US goods, along with a CAD 7.5-billion assistance package for domestic businesses and workers. As per the release, the assistance package includes CAD 1.5 billion for small and medium-sized businesses through the Regional Tariff Response Initiative, CAD 500 million in new liquidity support under the Business Development Bank of Canada's Pivot to Grow programme, and CAD 2 billion through the Canada Strong Diversification Fund for tariff-affected businesses.
It also provides CAD 3.5 billion in rapid-response support for workers and employers.
As per Canadian Finance Minister Francois-Philippe Champagne, the reciprocal tariffs and multi-billion-dollar support package would help protect workers, farmers, families and businesses.
"US proposed new terms that were not in Canada's best interest, basically, asking too much of Canada, and offering too little in return. Canada therefore suspended negotiations rather than accepting a bad deal that would undermine Canadian workers, businesses, strategic sectors, and our national interest," Canada's Department of Finance said in a release. (ANI)