International · Priscilla Asante

Canada announces 'Dollar for Dollar ' retaliatory tarrifs on US

Canada has announced counter-tariffs as high as 50 percent on a range of US goods in retaliation to the latest wave of levies on Canadian imports imposed by President Donald Trump last weekend.

"Twenty-eight billion of American products, ranging from steel to furniture, fresh tuna and cotton T-shirt with a  list of targeted products is designed to match Canadian goods hit by the US" the finance minister stated.

The Canadian levies are set to come into effect on 8th September  and it is the latest escalation after US-Canada trade talks collapsed late last week, with each side accusing the other of making last-minute demands that were unreasonable.

Finance Minister François-Philippe Champagne , said , that Canada's retaliation is in response to 50 percent tariffs imposed by the Trump administration on a range of Canadian goods after trade talks fell apart on Friday. 

Those tariffs the finance M inister noted, will have real consequences for Canadian workers, businesses and communities across the nation. Mr.  Champagne considered Canada's retaliation as proportionate and strategic.

He added , that Canada will also offer businesses and workers impacted by US tariffs an additional seven point five billion Canadian dollars for support programmes designed to minimize job losses and keep companies afloat.

Placing taxes on trade between what are historically two of the world's closest trading partners wil l undoubtedly lead to pain on both sides of the border. 

Supply chains which have been developed over decades are set to see increased trading costs due the latest  tariff announcements made from both the US and Canada, ultimately hitting businesses of all sizes and consumers through potentially higher prices.