Canada announces retaliatory tariffs on more than 700 US goods

Ottawa (ANTARA) - The Canadian government on Tuesday (25/6) announced the imposition of retaliatory tariffs on more than 700 American products valued at 27.6 billion Canadian dollars (around 20 billion US dollars), as well as a support package worth 7.5 billion Canadian dollars for domestic businesses and workers.

Canadian officials said the retaliatory measures are proportional to the total value of Canadian products targeted by the latest US tariffs of 50 per cent, resulting in a ‘dollar-for-dollar, tariff-for-tariff’ response.

The retaliatory tariffs are scheduled to officially take effect on 8 September.

Canadian Finance Minister Francois-Philippe Champagne said the reciprocal tariffs and the multi-billion Canadian dollar support package would protect workers, farmers, families and businesses.

According to a list released by Canada’s Department of Finance, the targeted retaliatory tariffs are concentrated in sectors such as steel, dairy products, household appliances, agricultural equipment, pulp and paper, and electronic products.

The tariff rates consist of three tiers: 15 per cent, 25 per cent and 50 per cent.

In certain sectors, such as steel and aluminium, existing retaliatory tariffs will be raised from 25 per cent to 50 per cent to match the US tariffs. Other retaliatory tariffs currently in force, including those imposed on US automotive products, will also remain in place, the department said.

A tariff of 25 per cent will be imposed on processed dairy products such as cheese, seafood products, fish, and certain downstream steel and aluminium products.

In addition to these tariffs, the federal government announced a support package worth 7.5 billion Canadian dollars primarily targeted at small and medium-sized enterprises (SMEs).

Ottawa pledged to help companies avoid layoffs, facilitate more workers to upgrade their skills, and increase flexibility in accessing employment insurance.