Canada raises tariffs on U.S. steel, aluminum, smartphones and golf clubs

Canada announced Tuesday it will raise tariffs on American steel and aluminum from 25 to 50 percent, retaliating against new U.S. tariffs imposed last week. Additional 50 percent tariffs on smartphones, golf clubs, and other goods take effect Sept. 8. Finance Minister François-Philippe Champagne called the response "proportionate, targeted and strategic," targeting products from Canadian industries most impacted by U.S. levies. Ottawa also announced $7.5 billion in aid, including business loans and employment insurance flexibility, though revenue projections from the new tariffs were not provided. The tariff list excludes some U.S. items like hockey sticks and alcohol, with officials saying they selected products to protect Canadian market share. Canadian Chamber of Commerce President Candace Laing welcomed the aid but expressed concern about loan repayment burdens on businesses.