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Canada announced on Wednesday that it will impose 25% tariffs on more than $20 billion worth of U.S. goods in retaliation for the Trump administration’s steel and aluminum duties that took effect overnight.
The new tariffs cover steel and aluminum, as well as other U.S. goods including computers, sports equipment, and cast iron products, Canadian Finance Minister Dominic LeBlanc said at a press conference.
The tariffs will take effect on Thursday.
Trump’s increased tariffs on steel and aluminum imports took effect on Wednesday as prior exemptions, duty-free quotas, and product exclusions expired, and as his campaign to reorder global trade norms in favor of the U.S. gains momentum. Canada is the biggest foreign supplier of steel and aluminum to the United States.
Canadian countermeasures
The new Canadian duties are on top of the 25% counter-tariffs that Ottawa imposed on $30 billion worth of U.S. goods on March 4, in response to President Donald Trump’s broad-based tariffs on Canadian imports.
- These Canadian countermeasures remain in place, despite Trump issuing temporary exemptions for some of his tariffs on March 6 following a severe stock market sell-off.
- The escalation of the U.S.-Canada trade war occurred as Prime Minister Justin Trudeau prepared to hand over power this week to his successor Mark Carney, who won the leadership race of the ruling Liberals on Sunday.
On Monday, Carney said he could not speak with Trump until he was sworn in as prime minister. Trump again on social media said he wanted Canada “to become our cherished Fifty First State.”
What you should know
- Trump’s 25% tariffs on steel and aluminum applied to all imports of the metals, not just those from Canada.
- After they were enacted early Wednesday morning, the European Union swiftly announced it would impose its own tariffs on more than $28 billion worth of U.S. goods starting in April.
“This is much more than about our economy. It is about the future of our country,” said Melanie Joly, Canada’s foreign affairs minister, during Wednesday’s press conference. “Canadians have had enough, and we are a strong country,” Joly added.
- A Canadian delegation led by Ontario Premier Doug Ford plans to visit Washington on Thursday for trade talks with Commerce Secretary Howard Lutnick.
- Ford met Wednesday morning with prime minister-designate Mark Carney ahead of the U.S. meetings. Carney is slated to take over from outgoing PM Justin Trudeau in the coming weeks.
Trump is a devoted fan of tariffs who has touted them as key tools for negotiating with other countries, generating revenue, and protecting and boosting domestic industries.
