Canada's retaliatory tariffs on US goods took effect on Tuesday, with Canadian Prime Minister Mark Carney and economists warning that the country's efforts to reduce its dependence on the United States would "come at a cost".
The tariffs, ranging from 15 percent to 50 percent, apply to about $20 billion worth of US imports and cover sectors including steel and aluminum, dairy, appliances, agricultural equipment, pulp and paper, plastics and electronics.
The Canadian government said the measures were imposed in response to the US' decision to levy a 50 percent tariff on $20 billion worth of Canadian goods with effect from Aug 22.
In a video address released on Tuesday, hours after the tariffs took effect, Carney said Canada had the ability to respond to the escalating trade dispute by expanding its economic and trade relationships with other countries.
"We have everything we need to pivot and prosper," Carney said.
