OTTAWA -- The Canadian federal government on Tuesday announced retaliatory tariffs on over 700 US goods valued at 27.6 billion Canadian dollars (about 20 billion US dollars), alongside a 7.5-billion-Canadian-dollar assistance package for domestic businesses and workers.
Canadian officials said the countermeasures match the total value of Canadian products targeted by the latest 50-percent US tariffs, achieving a "dollar-for-dollar, rate for fate" response. The counter-tariffs are scheduled to take effect officially on Sept 8.
Canadian Finance Minister Francois-Philippe Champagne said the reciprocal tariffs as well as the multi-billion-dollar support package will protect workers, farmers, families and businesses.
According to a list released by the Finance Ministry, the new targeted counter-tariffs are concentrated in sectors such as steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, with tariff rates set at three tiers: 15 percent, 25 percent and 50 percent.
In certain sectors, such as steel and aluminum, existing counter-tariffs will increase from 25 percent to 50 percent to match US rates. Other existing counter-tariffs, including those against US autos, will also continue to apply, said the ministry.
