Canada to place retaliatory tariffs on US goods
The Hill · C · trust 36/100
Canada announced retaliatory tariffs on hundreds of American products as high as 50 percent Tuesday, just days after the collapse of negotiations between the two countries.
Canadian Finance Minister François-Philippe Champagne said Canada will match the U.S.’s tariffs “dollar for dollar, rate for rate.” The tariffs would take effect Sept. 8.
He said the 15 percent, 25 percent and 50 percent tariffs will be on $27.6 billion of imports from the U.S.
“For each product, our tariff will match the American tariff on the same type of Canadian good,” he said.
Arguably the biggest measure is Canada doubling its tariffs on U.S. steel and aluminum to 50 percent to match the 50 percent the U.S. put on Canadian steel and aluminum.
“Those tariffs will have real consequences for Canadian workers, businesses, and communities across our nation,” Champagne said of the U.S. tariffs. “Canada must respond, and today we are in a proportionate, targeted, and strategic way.”
He said the countertariffs “are designed primarily to provide protection for Canadian industries impacted by the U.S. tariffs and allow them to compete against U.S. products in the Canadian market.”
Canada released a list of over 700 items that will be targeted with tariffs ranging from live fish, frozen fish, cheese, some apparel, carpets and metal products made of steel or aluminum, among others.
The U.S.’s 50 percent tariffs went into effect on Saturday across over $20 billion of Canadian imports after negotiations collapsed late Friday.
The Hill’s Mallory Wilson has more here .
Welcome to The Hill’s Business & Economy newsletter , I’m Julia Shapero — bringing you the latest on the intersection of Wall Street and Pennsylvania Avenue.
Did someone forward you this newsletter? Subscribe here.
Billionaire investor Stanley Druckenmiller on Monday criticized the Treasury Department’s buyback expansion plan, arguing it represents an artificial attempt to interfere in the bond market.
Former Secretary of State Hillary Clinton claimed that Republicans are “secretly cheering” for Canadian Prime Minister Mark Carney amid tension between Washington and Ottawa over trade.
Target pulls costume critics say evoked blackface, minstrel shows
Target pulled a Halloween costume from its online marketplace Monday after critics said it looked like a minstrel show character.
Chinese Foreign Ministry spokesperson Lin Jian said Tuesday the latest U.S. sanctions on Iran “will only further intensify tensions” between the two countries.
President Trump said Tuesday his administration is considering changing the name of Lake Ontario to Lake America, amid the trade war between the U.S. and Canada.
President Trump’s approval rating for his second term has reached a new low, according to a new poll. Read more
President Trump has ordered all American flags to be flown at half-staff in memory of Dolly Parton, who died Tuesday at the age of 80. Read more
Check out The Hill’s Business page for the latest coverage.
Like this newsletter? Take a moment to view our other topical products here 📩
400 N Capitol Street NW Suite 650, Washington, DC 20001
If you believe this has been sent to you in error, please safely unsubscribe .
Read the original at The Hill →
Open in TruthVane →