The Canadian government announced a comprehensive package of retaliatory tariffs on products made in the US following US President Donald Trump’s confirmation that his administration will move forward with imposing tariffs on Canada and Mexico as of today, March 4.
"Canada will not let this unjustified decision go unanswered," Canadian Prime Minister Justin Trudeau said in a statement, adding that the retaliation plan is the same as what was announced in February after Trump signed his executive order imposing widespread tariffs.
Trudeau clarified that the first phase of the measures involves imposing a 25% tariff on goods worth C$30 billion ($20.6 billion) from US exporters. This will take effect at 12:01 AM New York time unless the US drops its tariffs.
In the second phase, tariffs at the same rate will be applied to products worth C$125 billion ($86.32 billion) over the next three weeks, including goods such as cars, trucks, steel, and aluminum.
"Our tariffs will remain in place until the US trade action is withdrawn, and should US tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures”, the Prime Minister noted.
These retaliatory tariffs mark the beginning of a trade war that could disrupt one of the largest bilateral trade relationships in the world, worth more than $900 billion in annual goods and services.
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