Canada on Tuesday announced retaliatory tariffs on $19.94 billion worth of U.S. goods, matching dollar-for-dollar new duties imposed by Washington, and unveiled financial support for Canadian businesses and workers caught in the escalating trade war. The counter-tariffs take effect on U.S. goods on Sept.8 and will impose duties of 15%, 25%, and 50% across 700 products imported from south of the border, a government statement said.
In terms of financial support for affected workers and industries, Canada announced a $5.4 billion package of new and enhanced measures including support for small- and mid-sized businesses, a stream for funding cash flows of companies, and support for workers who could be at risk due to the new tariffs. On Saturday, President Donald Trump’s new 50% tariffs across $20 billion of Canadian imports took effect after talks between the two countries to avert the tariffs collapsed. The new tit-for-tat tariffs mark a new low in the Canada-U.S. relationship. “Our dollar-for-dollar, rate-for-rate counter-tariffs as well as a multibillion-dollar support package will protect workers, farmers, families, and businesses,” Canada’s Finance Minister François-Philippe Champagne said.
