Canada Prepares to Impose New Tariffs on U.S. Goods in Response to Trump's Retaliatory Meß
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Canada is poised to announce new tariffs on U.S. goods Tuesday in retaliation for the 50% duties that President Donald Trump imposed after a breakdown in trade talks, Canadian trade minister Dominic LeBlanc told CNBC.
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ZeroHedgeDays after the US hit Canada with a 50% tariff on $20 billion worth of Canadian goods amid a collapse in trade talks - and a Monday threat to include cars, trucks, auto parts and steel, Canada hit back on Tuesday - announcing retaliatory tariffs as high as 50% on $20 billion worth of American products.
NPR EconomyThe move comes after President Trump imposed 50% tariffs on many Canadian goods and threatened more after trade talks broke down on Friday. This is a developing story that will be updated.
BBC BusinessPublished President Donald Trump has threatened to hike US tariffs on automobiles originating in Canada, as the trade war between the two neighbours continues to heat up.
Washington Times BusinessMr. Trump on Saturday imposed 50% tariffs on about $20 billion in Canadian goods in response to Canada’s treatment of U.S. products such as alcohol, autos and dairy that the administration considered discriminatory and unfair.
Financial TimesCanada announces $20bn retaliatory tariffs as US trade war escalates Hundreds of US goods will face increased levies after September 8
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Canada will begin collecting tariffs of 50, 25, and 15 percent on roughly 700 products beginning on Sept. 8. Most notably is the doubling of tariffs on American steel and aluminum to 50%. In addition to tit-for-tat tariffs on things like tools, clothing and forestry products, Canada is also targeting consumer products like home appliances.
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Washington Times BusinessCanada will ramp up existing tariffs on select sectors, such as steel and aluminum, from 25% to 50% to match U.S. rates.
NPR EconomyCanadian Finance Minister François-Philippe Champagne said the government's countermeasures would match U.S. tariffs "dollar for dollar, rate for rate," hitting U.S. exports including steel and appliances. Canada's tariffs will take effect Sept. 8, he said.
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Prime Minister Mark Carney called Trump's latest levy threat unsurprising and accused the president of wanting to destroy Canada's auto industry. He added that Canada is ready to resume talks if the US comes with the "right attitude".
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FortuneCanadian Prime Minister Mark Carney, of course, has been feisty in defense of his nation—more so than his European counterparts. His political popularity at home is partially driven by the fact that he has stood up to the White House’s never-ending tariff demands. “We cannot accept what they have offered, and we will not give what they have asked,” he said when trade negotiations collapsed.
Washington Times BusinessThe Trump administration and the government of Canadian Prime Minister Mark Carney are engaged in a war of economic pressure and rhetoric after trade talks collapsed Friday.
ZeroHedgeThe retaliation was expected following warnings by Prime Minister Mark Carney - a former central banker, who said that Canada would match US tariffs "dollar for dollar," though he admitted that the move "will raise costs and reduce choice for Canadians," NYT reports.
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The language on the Canadian side has been pretty spicy too. “He has a lot of room to kiss my ass,” Ontario Premier Doug Ford said on Monday, referring to Trump.
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BBC BusinessMeanwhile, Ontario's outspoken premier, Doug Ford, whose province is home to Canada's auto manufacturing industry, responded to Trump's tariffs and threats by telling the US president to "kiss my ass".
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Canadian officials said the U.S. made unacceptable demands and said their counter-tariffs would start Sept. 8.
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BBC BusinessCanadian officials have said that the US introduced last-minute demands that were "unacceptable", including a clause limiting which countries Canada could sign trade deals with.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 CNBC "Our preference was not to do that," LeBlanc said on "Squawk Box" after confirming Canada's intention to unveil the new tariffs.
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02 ZeroHedge Canada imports around $272 billion in US goods annually - while Carney's government says it will spend far more on keeping Canadian exporters solvent than it will bring in from the tariff, so ouch.
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03 Fortune Good morning. On Fortune’s radar today: Fortune’sradar today: Oh, Canada: trade talks collapse, 90,000 jobs at risk. Scott Bessent declines to say the words “China” or “Russia.” Markets: Hello, Bitcoin! Nvidia stock can’t get no respect. The vertical inflection point of AI compute. OnlyFans reports its most recent fiscal year. Jeff Bezos wants to be a member of the Indian Creek Country Club—but they won’t let him in.
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04 Washington Times Business The counter-tariffs of 15%, 25% or 50% would be tailored, they said, to match the product categories targeted by Mr. Trump over the weekend.
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05 BBC Business It comes after US-Canada trade talks collapsed late last week, with each side accusing the other of making unreasonable last-minute demands.
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