Canada to Impose Retaliatory Tariffs on US From Today
Canada Friday announced it will impose about 12.6 billion US dollars worth of retaliatory tariffs on U.S. goods from July 1 in the wake of trade tensions with Washington.
Canadian Foreign Affairs Minister Chrystia Freeland, Economic Development Minister Navdeep Bains, and Labor Minister Patty Hadju made the announcement at the Stelco steel company in Hamilton, Canada, Friday morning.
The retaliatory tariff list spell out which U.S. goods that will be slapped with a 10 percent surtax, and which American-made steel and aluminum products will be hit with a 25 percent surtax, in response to the U.S. imposition of 25 percent steel tariff and 10 percent tariff on aluminum from Canada.
The U.S. products such as tomato sauce, yogurt, lawn mowers, motorboats will be included in the list.
The Canada officials also announced to provide financial aid of up to two billion Canadian dollars (about 1.5 billion U.S. dollars) for its steel, aluminum and manufacturing industries
They highlighted the two billion Canadian dollars of U.S. annual trade surplus on iron and steel products with Canada, and doubled down on calling the national security argument by the United States for imposing tariffs as “inconceivable and completely unacceptable.”