Canadian tariffs on $12.6 bn worth of US goods have gone into effect

Canadian tariffs on metal products and 250 other US goods have gone into effect.

Canada has imposed a 25% tariff on US metal products and a 10% tariff on 250 other US goods, including whiskeys and coffee.

The new retaliatory tariffs target a total of $12.6 billion worth of US goods.

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US President Donald Trump and Canadian Prime Minister Justin Trudeau (pictured above) at the 44th G7 summit held on June 8–9, 2018, in La Malbaie, Quebec, Canada.

Canadian Foreign Minister Chrystia Freeland said that it is “the strongest trade action Canada has taken in the post-war era.”

“Out approach is and will be this: We will not escalate and we will not back down,” Freeland said.

The new tariffs are in response to the US implementing a 25% import tariff on Canadian steel, and a 10% tariff on aluminium.

Canada also announced that it is making C$2bn available to defend its country’s steel and aluminium industry.

Mexico and the EU have also imposed retaliatory tariffs on US goods.

The EU targeted $3.1bn of American products, including motorcycles, orange juice, and whiskey. The duties took effect on 22 June.

Mexico slapped tariffs on $3 billion worth of US goods.

The Trade Partnership Worldwide, LLC recently issued a report which said that the US’s tariff war with Canada could affect up to 400,000 jobs due to higher steel and aluminium costs.

 

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