Canada hits back with $20B tariffs on US goods

Canada imposed retaliatory tariffs on approximately $20 billion of US goods Tuesday, matching new American duties dollar-for-dollar and escalating the trade conflict between the longtime allies. The counter-tariffs, effective September 8, apply rates of 15%, 25%, and 50% across roughly 700 products, including steel, aluminum, furniture, cheese, appliances, and electronics. Canada also announced a C$7.5 billion support package for affected businesses and workers, offering interest-free loans up to C$5 million. The dispute follows President Donald Trump's 50% tariffs on Canadian imports that took effect Saturday after talks collapsed. Canada's Industry Minister said the measures aim to protect domestic industries and apply political pressure ahead of US midterm elections. Trump earlier threatened to rename Lake Ontario "Lake America."