In response to the United States’ imposition of higher tariffs on steel and aluminum imports, Canada has announced retaliatory tariffs worth Canadian $29.8 billion ($20.7 billion). These new tariffs will take effect starting Thursday, marking a significant escalation in the ongoing trade conflict.

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• Canada announced retaliatory tariffs of $20.7 billion on US goods on Wednesday.
• The tariffs will impose a 25% tax on additional US imports worth C$29.8 billion.
• The new tariffs are in response to US President Trump’s increased tariffs on steel and aluminum.
• Affected products include steel ($12.6bn), aluminum ($3bn), and other US goods like computers, sports equipment, and cast iron products.
• The retaliatory tariffs will take effect at 12:01 AM EDT on Thursday.
• Canadian Finance Minister Dominic LeBlanc confirmed the tariffs follow a “dollar-for-dollar” approach.
• The tariffs are aimed at balancing the impact of US tariffs on Canadian industries.
• Canada’s steel and aluminum are the largest foreign supplies to the US.
• The move comes after a series of tense negotiations, including threats from Trump to double tariffs.
• Meanwhile, the European Union also announced plans for counter-tariffs on US goods worth $28 billion, starting next month.