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Canada on Tuesday moved to impose up to 50% tariffs on a raft of U.S. goods, including hundreds of steel and aluminum products, following a breakdown of trade talks and heated tariff escalation between the two neighboring countries.
The countermeasures, which go into effect Sept. 8, will match the U.S. Section 338 tariffs “dollar for dollar” and will cover $27.6 billion in imports such as seafood, dairy products, flooring, kitchen appliances and lawnmowers, according to Canada’s government. They also target more than 300 steel and aluminum products and derivatives.
U.S. steel and aluminum products that were previously subject to a 25% tariff will soon face a 50% rate as part of the countermeasures, according to Canada’s government. Steel and aluminum derivative products will be subject to 25% tariffs.
The move came as a surprise to metal industry experts. In the days leading up to the escalation, market research and consulting firm World Steel Dynamics anticipated the possibility of a reduced 25% tariff rate on steel and aluminum goods between the U.S. and Canada.
