Canada hits back at Trump, unveils dollar-for-dollar counter-tariffs
International Business News: NEW DELHI: Canada on Tuesday imposed retaliatory tariffs of up to 50% on about $27.6 billion worth of US goods, escalating the trade war between the t.
NEW DELHI: Canada on Tuesday imposed retaliatory tariffs of up to 50% on about $27.6 billion worth of US goods, escalating the trade war between the two neighbours after talks between Ottawa and Washington collapsed.Canadian Prime Minister Mark Carney said the new measures, which will take effect on September 8 and will cover a range of US products, including seafood, dairy, paper products, furniture, apparel, tools, cosmetics and motorcycles.The federal government is introducing counter-tariffs on a swath of US goods.
These new retaliatory tariffs will have a sliding scale of 15, 25 and 50%. The new tariffs include 50% duties on certain dairy products, cosmetics and some lumber products. Tariffs on US steel and aluminium products will also rise from 25% to 50%, CBC news reported.The measures came after the Trump administration imposed 50% tariffs on Canadian goods over the weekend following the breakdown of trade negotiations.The latest escalation threatens one of the world's largest trading relationships, with the new tariffs extending beyond industrial goods to everyday products such as cheese, clothing, cosmetics and toilet paper.Carney has accused Washington of seeking to subordinate Canada, saying US demands during the failed negotiations showed that Americans wanted to “destroy our major industries”.
US President Donald Trump, meanwhile, has warned Canadian leaders to “fall in line” or face consequences “far WORSE” than the existing tariffs. He has also threatened 50% tariffs on Canadian vehicles, auto parts and steel.Trump on Tuesday further escalated the rhetoric by saying the US was giving “serious consideration” to renaming Lake Ontario as “Lake America”. In a post on Truth Social, Trump also accused Canada of imposing high tariffs on US farmers and criticised its aviation regulator.“
Canada has been ‘Ripping Off’ the U.S.A. for decades. They have been charging our Farmers 400% Tariffs, and more. They have driven many wonderful U.S. companies out of business,” Trump wrote.He also alleged that Canada had previously blocked certification of Gulfstream jets.“ I deal with many countries, and Canada is easily the most difficult and unreasonable. They feel entitled, but they are not a State, and will be entitled no longer!”
Trump said.Get the latest Business News and Live updates. Download the TOI app.