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

Washington, Aug 25 (KUNA) -- Canada announced on Tuesday retaliatory tariffs ranging from 15 to 50 percent on U.S. goods worth $20 billion, escalating the trade war with the United States. Canadian Finance Minister François Champagne said in a press statement that the retaliatory tariffs on American products would take effect on September 8 and would cover approximately 700 products imported from the United States. The Canadian minister added that “our retaliatory tariffs, which match theirs in both value and percentage, were designed to minimize their impact on Canadian consumers and businesses while simultaneously harming the U.S. side.” He clarified that a 50 percent tariff would be imposed on key sectors such as steel, aluminum, furniture, and clothing, while a 25 percent tariff would apply to certain dairy products, household appliances, and some seafood. A 15 percent tariff would be levied on electronics and tools. He noted that Canada had also adopted new and enhanced measures worth CAD 7.5 billion regarding financial support for affected workers and sectors, including support for small and medium-sized enterprises, a mechanism to finance corporate cash flows, and mechanisms to support workers who may face risks due to the new tariffs. The new tariffs imposed by the administration of U.S. President Donald Trump against Canada at a rate of 50 percent took effect last Saturday, covering Canadian imports worth $20 billion, following the collapse of talks between the two countries aimed at avoiding these tariffs. (End) A.M.M. / M.A.A.