Free daily briefing on global business news.
Finance Minister François-Philippe Champagne said dollar-for-dollar counter-tariffs will take effect September 8
Canada is announcing retaliatory tariffs on American goods Tuesday, matching U.S. duties dollar for dollar in response to the 50% levies President Donald Trump imposed after trade negotiations between the two countries collapsed.
Canadian Trade Minister Dominic LeBlanc confirmed the announcement to CNBC, saying Ottawa's response would be unveiled at a press conference at 11 a.m. ET Tuesday. Speaking to CNBC, LeBlanc said the retaliatory measures were not Canada's first choice. "Our preference was to find a deal that benefits both countries. We still believe that's possible. But in the meantime, we're not waiting by the phone."
Finance Minister François-Philippe Champagne outlined the counter-tariff plan Monday during a virtual meeting with provincial and territorial finance ministers, saying the dollar-for-dollar duties will take effect September 8. Champagne also said the government will announce a support package to help businesses maintain liquidity, support workers, and strengthen Canada's economic competitiveness, according to the Department of Finance.
