Canada has enacted a set of 'dollar for dollar' retaliatory tariffs against the US after President Donald Trump threatened it with a staggering 50 percent duty on Monday. On Tuesday, Ottawa announced it would mirror the size and scope of Trump's latest tariff threats, placing up to a 50 percent tariff on over $20 billion worth of US goods and services. The new rates, which range from 15 to 50 percent, impact over 700 US-made goods.They target American aluminum, steel, dairy, wood and paper products, seafood and clothing. 'Canada's counter tariffs will apply to products covering $27.6 billion in imports from the U.S. and will focus on sectors such as steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, that are most impacted by U.S. tariffs,' the Canadian Embassy in the US said in a statement. Canada's latest tariff salvo looks strikingly similar to those imposed by the US. Each country is targeting the other's steel and lumber products. The retaliatory tariffs come just after Trump threatened to rename Lake Ontario to 'Lake America,' a move sure to enrage Canadian officials and citizens. 'The United States is giving serious consideration to changing the name of Lake Ontario to Lake America in that we don’t expect to [be] doing much business with Ontario any longer,' the President wrote on Truth Social Tuesday morning. On Tuesday, Canada enacted a retaliatory tariff on the US, matching 'dollar for dollar' the new rates that President Donald Trump placed on the US's northern neighbor. Canadian Prime Minsiter Mark Carney, shown above, has stated that Trump announced on Monday a new 50 percent tariff on Canadian cars and automotive parts that is set to take effect on January 1 The spat between the US and Canadian leaders has turned personal, with Trump escalating the war of words on Tuesday saying Lake Ontario should be renamed 'Lake America'Lake Ontario straddles the border, with New York state along its southern and eastern shores and the Canadian province of Ontario to the north. It is not controlled outright by either Canada or the US and has instead been jointly managed under the 1909 Boundary Waters Treaty for more than a century. Trump could order US federal agencies to call it ‘Lake America,’ but Canada would not be required to recognize the new name.The move is reminiscent of the president's previous renaming of the Gulf of Mexico, which the US government now refers to as the Gulf of America. The tariff spat has turned deeply personal after negotiations fell apart last week.Ontario Premier Doug Ford has said that Trump can kiss his 'a**,' noting his backside has a lot of 'real estate.' Trump has warned that Canada needs to 'fall in line' or it will face 'far worse' consequences. He has recently said that the US northern neighbor is his least favorite country to deal with. 'I deal with many countries, and Canada is easily the most difficult and unreasonable,' Trump wrote on social media. Canada's retaliatory tariffs are set to go into effect on September 8. Had the two countries reached a trade agreement last week before the Saturday deadline, the additional rate hikes likely could have been avoided altogether.