Canada announces $20 billion in retaliatory tariffs on U.S. goods

Canada is set to impose retaliatory tariffs on a wide range of U.S. products, escalating a trade dispute between the two North American neighbors. Starting September 8, Canada will levy tariffs of up to 50 percent on approximately 700 U.S. goods, amounting to $27.6 billion Canadian dollars ($19.94 billion USD).

This move comes as a direct response to tariffs recently imposed by the United States on Canadian products. The U.S. administration had placed tariffs of 50 percent on Canadian goods valued at around $20 billion USD. The Canadian government views these retaliatory measures as necessary to counter the economic impact of the U.S. actions.

To mitigate the effects of the trade conflict on its own economy, Canada has also announced a significant aid package. The government will provide $7.5 billion in support for businesses and workers affected by the tariffs. This financial assistance aims to cushion the blow for industries and individuals caught in the crossfire of the escalating trade tensions.

Prime Minister Mark Carney had previously signaled Canada's intention to implement counter-tariffs in the ongoing trade dispute with the United States. The latest announcement formalizes these measures, highlighting the deepening economic friction between the two countries.