Canada is expected to impose $20.7 billion in retaliatory tariffs after President Trump decided to enforce 25% tariffs on steel and aluminum, which came into effect Wednesday.
Associated Press A senior Canadian government official said he spoke about the anonymity status and confirmed the move on Wednesday as he was not permitted to speak before the announcement.
Canada supplies the US with more steel and aluminum than any other country.
The new tariffs have already continued to nauseate tariffs between the US and Ontario this week.
The state charged additional fees for electricity supplied to New York, Michigan and Minnesota. In response, Trump vowed to double the 25% metal fee. Ontario Premier Doug Ford said he would refrain from the electricity charges before his sit-in with Howard Lutnick on Thursday.
The European Union (EU) introduced a similar, punitive two-stage measure for the US earlier that day, seeking to gain leverage from Trump's international economic whirlwind, predicting analysts would raise consumer prices across borders.
The EU, which consists of 27 partner countries, has chosen to introduce a countermeasure package worth $28 billion in response to the president's taxation. Their measures are expected to be fully effective by April 13th.
“These tariffs are disrupting the supply chain. They bring uncertainty to the economy. Work is at risk. Prices are rising. In Europe and the United States. Ursula von der Reyen, president of the European Commission, said:statement.
“The measures we are taking today are strong but proportional. The US has applied tariffs worth $28 billion, so we are responding with measures worth 26 billion, which is consistent with the economic scope of US tariffs.”
Trump has identified potential price increases as the “transition period” needed for the country's growth, saying inflation trends are valuable in the long term.
Hill reached out to the White House and Canada's Ministers of Export Promotion, International Trade and Economic Development for comments.
