Canada on Tuesday announced retaliatory tariffs of 15-50 per cent on American goods worth $20 billion days after the Trump administration imposed 50 per cent tariffs on Canadian goods.
While the largest share of the new tariffs will impact steel, aluminium, furniture and clothing, around 700 products including dairy products, appliances, farm equipment, cosmetics, seafood, cheese and toilet paper will also come under tariff.
The levied tax will come into effect on September 8 at rates of 15 per cent, 25 per cent and 50 per cent.
On the other hand, Canada has also announced $5.42 worth of financial measures to protect its businesses and workers, thereby limiting the impact on it domestic economy while keeping the pressure on the US.
Referring to the tariff dispute as "an unprecedented challenge imposed on Canada," Finance Minister François-Philippe Champagne stated in French, "We did not choose this conflict, but when our economic integration is used as a weapon rather than the foundation for a win-win partnership, we need to stand up."
