Canada Hits Back with 50% Tariffs on $20B of US Goods

Canada will impose retaliatory tariffs of up to 50% on approximately $20 billion worth of US goods starting September 8. The Canadian Finance Ministry announced tariffs of 15%, 25%, and 50% on about 700 US products, matching the scale of US tariffs imposed on Canadian goods. The move counters US tariffs of 50% on Canadian products implemented August 22. Specific items include 50% tariffs on US steel, aluminum, furniture, and clothing; 25% on appliances, dairy, fish, and some steel derivatives; and 15% on industrial tools. These follow last week's collapsed trade negotiations. Canadian officials stated the tariffs aim to protect domestic businesses and reduce US imports, not generate revenue. Finance Minister Champagne called it an unprecedented challenge, while the government announced a C$7.5 billion support package for affected workers and companies.