Canada is introducing retaliatory tariffs worth CAD 29.8 billion (USD 20 billion) in response to USA President Donald Trump's increased tariffs on steel and aluminum imports. Canadian Finance Minister Dominic LeBlanc stated that they will not remain silent against these tariffs targeting their country's steel and aluminum industries and announced that the retaliatory tariffs will start to be implemented as of Thursday.
LeBlanc emphasized that Canada will adopt a dollar-for-dollar retaliatory approach and that the steel and aluminum industries in particular must be protected against these unfair targets. Canada is the largest foreign supplier of steel and aluminum to the US, and these new tariffs could have a significant impact on the country's economy.
The new retaliatory tariffs will cover CAD 12.6 billion worth of steel products, CAD 3 billion worth of aluminum products and CAD 14.2 billion worth of other USA goods. The tariffs, which take effect today (March 13), are Canada's serious trade response to the USA tariffs on steel and aluminum imports.
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