In response to the latest tariffs imposed by U.S, Canada struck back and announced retaliatory tariffs on 700 U.S. goods worth $20 billion, ranging from 15 to 50 percent, after the trade war between the neighboring countries escalated.
The tariffs will be implemented as soon as September 8th, even as the U.S tariffs come in place on Saturday. According to Canadian officials, Ottawa’s tariffs will match U.S. levels and will impact steel, dairy, and electronic industries.
“This is an unprecedented challenge imposed on Canada. But Canada will meet the moment,” Canada’s Finance Minister Francois-Philippe Champagne said.
The development comes after the Trump administration imposed 50% tariffs on Canadian goods over the weekend. After trade talks between the nations collapsed.
U.S. President Donald Trump on Monday had directed the Canadian leaders to either fall in line or face consequences that would be far worse than the tariffs that they had imposed.
Coming back with few more categories to include, Trump taking to his social media handle wrote, Canada has been ripping off the United States of America for years.”
He called the Canadian tariffs on American farmers ‘ridiculously high’.
Earlier on Friday Canadian Prime Minister Mark Carney walked away because of a bad trade deal and claimed that he was proposed new terms that were uneconomic and unfair and said they undermined the benefits of Canada. He accused Trump of launching a war and said that we are under attack.
“We cannot accept what they’ve offered, and we will not give what they’ve asked,” Carney said.
“We learned during the negotiations that the Americans want to destroy our major industries, including autos, steel and aluminium,” Carney said. “That was one of the main reasons we said no. It was a bad deal.”