Canada Responds with $20 Billion of Retaliatory Tariffs Against U.S. Steel and Aluminum Tariffs
In response to President Donald Trump's decision to impose new 25% tariffs on steel and aluminum imports, Canada has announced retaliatory tariffs worth C$29.8 billion (around $20.7 billion). These measures, which target U.S. steel, aluminum, and a range of other goods, will take effect on Thursday morning. Canada, the largest foreign supplier of steel and aluminum to the U.S., aims to protect Canadian interests, jobs, and workers with the new tariffs. Finance Minister Dominic LeBlanc emphasized the tariffs are proportional to the U.S. measures and said, “Our sole focus is to stand up for Canada interests, Canadian jobs and Canadian workers.”
The U.S. tariffs, which came into effect at midnight, were a part of Trump’s broader trade agenda to reorder global trade in favor of the U.S. This new development has sparked a trade war with Canada and other global trading partners, including the European Union. Ursula von der Leyen, president of the European Commission, criticized the U.S. tariffs, calling them detrimental to business and consumers, saying, “Tariffs are taxes. They are bad for business, and even worse for consumers."
The European Union, similarly, announced retaliatory tariffs on approximately $28 billion worth of U.S. goods, which are set to come into effect by mid-April. The EU plans to impose countermeasures on a variety of products, including steel, aluminum, and agricultural goods. EU officials have expressed openness to negotiations, but they warned the tariffs would not go unanswered, reaffirming their intent to protect European businesses and workers from the impacts of the U.S. trade policies.
