Canada Strikes Back: Retaliatory Tariffs on U.S. Goods

Canada is imposing tariffs worth C$29.8 billion on U.S. goods in retaliation for U.S. tariffs on Canadian steel and aluminum. Canada Finance Minister Dominic LeBlanc announced the action, emphasizing a dollar-for-dollar approach. The tariffs coincide with a leadership change in Canada amidst a broader trade dispute.

Canada announced it would impose tariffs totaling C$29.8 billion on U.S. goods beginning Thursday, a direct response to U.S. tariffs on Canadian steel and aluminum. Finance Minister Dominic LeBlanc emphasized that Canada will not stand idly by as its iconic industries are targeted.

Canada's largest foreign trade partner is the United States, and the new tariffs specifically target U.S. steel, aluminum, and other goods such as computers and sports equipment. These measures are in direct retaliation to U.S. tariffs that have escalated trade tensions.

The announcement comes amid a transitional period in Canadian leadership, with Prime Minister Justin Trudeau soon handing power to Mark Carney. The newly elected leader expressed his readiness for dialogue with the U.S. under mutual respect for sovereignty.

(With inputs from agencies.)