Canada announced retaliation measures on Wednesday, opposing Trump administration's tariffs on steel and aluminum. New taxes worth $20.6 billion Our imports.
Finance Minister Dominique LeBlanc declared that the Canadian government is responding with a “dollar dollar” approach and introduced a 25% tariff that will be effective at 12:01am on Thursday.
“These tariffs target $8.8 billion worth of steel products, $2 billion worth of aluminum products, and other imports, including computers and sports goods,” Leblanc said.
“Together we will do what is necessary to protect Canada's economy.”
LeBlanc has denounced the Trump administration's move to impose additional tariffs on Canadian imports. This was done to counter Ontario's decision to add an additional fee to energy exports to three US provinces.
“The US administration is once again inserting chaos and obstacles into an incredibly successful trading partnership, increasing the costs of everyday goods for Canadian and American households.”
Canada's latest measures will be added to 25% Ottawa, which was imposed on $30 billion worth of US goods on March 4th.
These first counter-offs were enacted in response to President Donald Trump's broad obligations on Canadian imports.
Canada has chosen to maintain tariffs despite a temporary exemption from certain products issued by Trump on March 6 following a slump in the stock market.
Trump's steel and aluminum tariffs set at 25% were applied to all global imports of metals, not exclusively for Canada.
The European Union wasted time in response, unveiling its own tariff set on US goods worth over $28 billion.
Canadian Foreign Minister Melanie Jolly emphasized the broader implications of trade disputes.
“It's about our economy, it's about the future of our country,” she said at a press conference Wednesday. “Canadians have enough, and we are a strong country.”
A Canadian delegation led by Ontario Premier Doug Ford in search of a diplomatic resolution is scheduled to visit Washington on Thursday, with a trade debate with Commerce Secretary Howard Lutnick.
Prior to discussions, Ford met with Mark Carney, who has been appointed prime minister who will be the successor to Prime Minister Justin Trudeau in the coming weeks.
Trump has long defended tariffs as a means of leveraging economically, protecting domestic industries and increasing revenue.
However, most economists warn that such measures will risk supply chain disruption, increased consumer costs, and rattles in financial markets.
The president provided justification for shifts for trade measures and encouraged confusion over why the US is increasing economic tensions with key allies such as Canada and Mexico.
Meanwhile, Trump has intensified verbal attacks on Canadian leadership, repeatedly bringing the idea that Canada will become the 51st state in the United States.
“The only constant in this unfair and unfair trade war seems to be President Trump's discussion to annex our nation through economic coercion,” Jolie said.
Trump strengthened his stance on Tuesday, threatening tariffs on Canada's steel and aluminum imports to 50%.
The move comes in response to Ford's announcement that Ontario will charge a 25% extra charge on three U.S. electricity exports as a retaliation measure.
Trump returned his threat Wednesday after showing Ford would suspend its electricity charge plan.
