The Government of Canada’s Minister of Finance has confirmed that the country will match the new US tariffs of up to 50% on its aluminium.
The counter tariffs follow the US decision to impose a 50% tariff on $27.6 billion of Canadian goods, effective August 22.
In a statement released by the Government of Canada, François-Philippe Champagne, Minister of Finance and National Revenue, confirmed that Canada would match the new US tariffs, with additional Canadian tariffs on US goods.
Canada’s counter tariffs will apply to products covering $27.6 billion in imports from the US and will focus on sectors such as aluminium and steel.
Champagne said: “When the United States asked too much and offered too little, we chose to stand up for Canadians.
“Our dollar-for-dollar, rate for rate counter-tariffs as well as a multi-billion-dollar support package will protect workers, farmers, families, and businesses as we build a stronger, more resilient, and more diversified Canadian economy.”
Effective September 8, Canada will impose counter-tariffs of 15%, 25% and 50% on products drawn from those targeted by US Section 338 and Section 232 tariffs, with the rate for each product matching the corresponding US rate.
Goods subject to 50% counter tariffs include steel and aluminium products that were previously only subject to a 25% counter tariff.
In addition, goods subject to 25% include certain steel and aluminium derivative products.
Furthermore, the Government of Canada is introducing a $7.5 billion package of enhanced measures to support Canadian workers and businesses impacted by US tariffs.