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Canada announces tariffs of up to 50% on $20 billion in U.S. goods
Confirmed
Canada said it will impose tariffs of 15%, 25%, and 50% on products targeted by the U.S. "While the value of goods covered by these reciprocal tariff measures is only a fraction of the annual bilateral trade in goods between the two countries, at over $700 billion, these tariff lists include some goods that could have broad downstream effects on industries, trades, professions and consumers," Augustine Lo, a partner with international law firm Dorsey & Whitney, said in an email.
"Today, I'm announcing Canada will match the U.S. tariffs dollar for dollar, up to 50% on $27.6 billion of imports from the United States of America," Canadian Minister of Finance and National Revenue François-Philippe Champagne said in a press conference to announce the measure.
He said the countertariffs will focus on steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, totaling nearly $20 billion worth of annual imports from the United States. (The Finance Ministry published the list of products here.) "Canada's countertariffs are designed primarily to provide protection for Canadian industry impacted by U.S. tariffs and allow them to compete against U.S. products in the Canadian market," Champagne said.
Finance Minister François-Philippe Champagne said that Canada's retaliation is in response to 50% tariffs imposed by the Trump administration on a range of Canadian goods after trade talks fell apart on Friday. Canadian Prime Minister Mark Carney accused Washington of trying to subordinate Canada and said U.S. demands during the failed talks showed that Americans wanted to "destroy our major industries.
"Those tariffs will have real consequences for Canadian workers, businesses and communities across our nation," he said. President Claudia Sheinbaum had despatched her economy secretary, Marcelo Ebrard, to Washington for emergency talks after trade negotiations collapsed with Canada.
"Instead of partnership, Canada chose unreasonable demands, walk-backs, and flat-out rejection," it said. Trump has also repeatedly said Canada should become a U.S. state.
Canadian officials said that the measures are designed to protect their nation's businesses and workers. On Tuesday, Champagne said Canada's plan is to strengthen its own economy and extend trade relations with other countries, noting that he plans to meet a trade official from India this week.
"When the United States asked too much and offered too little, we chose to stand up for Canadians," Champagne said, referring to the failed talks. "Ultimately, the terms proposed by the U.S. were uneconomic, unfair and ultimately, unacceptable," Champagne said.
What's confirmed
- "Today, I'm announcing Canada will match the U.S. tariffs dollar for dollar, up to 50% on $27.6 billion of imports from the United States of America," Canadian Minister of Finance and National Revenue…
- Canadian officials said that the measures are designed to protect their nation's businesses and workers.
- Canadian Prime Minister Mark Carney accused Washington of trying to subordinate Canada and said U.S. demands during the failed talks showed that Americans wanted to "destroy our major industries.
- "Those tariffs will have real consequences for Canadian workers, businesses and communities across our nation," he said.
What's still developing
- On Tuesday, Champagne said Canada's plan is to strengthen its own economy and extend trade relations with other countries, noting that he plans to meet a trade official from India this week.
- "Ultimately, the terms proposed by the U.S. were uneconomic, unfair and ultimately, unacceptable," Champagne said.
- Canada said it will impose tariffs of 15%, 25%, and 50% on products targeted by the U.S. "While the value of goods covered by these reciprocal tariff measures is only a fraction of the annual bilateral trade in goods…
- Finance Minister François-Philippe Champagne said that Canada's retaliation is in response to 50% tariffs imposed by the Trump administration on a range of Canadian goods after trade talks fell apart on Friday.
- Polls suggest the majority of Canadians support their government in holding firm against the US.
- "Instead of partnership, Canada chose unreasonable demands, walk-backs, and flat-out rejection," it said.
- "But I want to make a deal — a good deal for the American people, a good deal for Canadians," Ford said.
- President Claudia Sheinbaum had despatched her economy secretary, Marcelo Ebrard, to Washington for emergency talks after trade negotiations collapsed with Canada.