Canada has announced that it will be imposing 25% retaliatory tariffs on $21 billion worth of U.S. goods in response to the U.S. imposing tariffs on Canadian steel and aluminum. This decision comes after months of tension between the two countries over trade issues.
The tariffs will target a wide range of U.S. products, including steel, aluminum, whiskey, orange juice, and other consumer goods. The Canadian government has stated that these tariffs are necessary to protect Canadian jobs and industries from the impact of U.S. tariffs.
The decision to impose these tariffs comes after the U.S. announced that it would be imposing tariffs on Canadian steel and aluminum in May. The U.S. cited national security concerns as the reason for the tariffs, but Canada and other countries have criticized this move as unjustified and harmful to global trade.
The Canadian government has stated that it will continue to work with the U.S. and other trading partners to resolve trade disputes and promote free and fair trade. However, it has also made it clear that it will not hesitate to take action to protect its interests and industries.
The imposition of these tariffs is likely to further strain the relationship between Canada and the U.S., which has already been tested by ongoing trade disputes and disagreements over issues such as NAFTA renegotiations and tariffs on Canadian lumber.
Overall, the decision to impose retaliatory tariffs on U.S. goods is a significant development in the ongoing trade dispute between Canada and the U.S. It remains to be seen how the U.S. will respond to these tariffs and whether they will lead to further escalation of trade tensions between the two countries.