Canada declared retaliatory tariffs against the United States, mirroring the 50% duties that President Donald Trump imposed over the weekend following a collapse in trade negotiations, with tariffs set ‘dollar for dollar.’
“When the United States of America asked too much and offered too little, we made a choice. We chose Canada,” said Canadian Finance Minister François-Philippe Champagne.
In a speech after the unsuccessful trade negotiations, Prime Minister Mark Carney recognized that retaliating “will raise costs and reduce choice for Canadians.”
Following the breakdown of negotiations, President Trump wrote several posts on Truth Social:
“The United States is giving serious consideration to changing the name of Lake Ontario to Lake America in that we don’t expect to be doing much business with Ontario any longer. Thank you for your attention to this matter! President DONALD J. TRUMP”
“Over the last 10 years, the United States lost, on average, 60 Billion Dollars a year with Canada. No more! President DJT”
“Canada has been “Ripping Off” the U.S.A. for decades. They have been charging our Farmers 400% Tariffs, and more. They have driven many wonderful U.S. companies out of business. For 10 years they wouldn’t certify Gulfstream Jets, until I got involved. They wanted 100% of the market for Gulfstream’s Canadian competitor. I deal with many countries, and Canada is easily the most difficult and unreasonable. They feel entitled, but they are not a State, and will be entitled no longer! President DJT”
The failed talks have triggered a new, intense phase of the trade war among the top allies, escalating tensions already high because of Trump’s extensive tariffs and provocative remarks toward Canada.
The new tariffs target over 700 U.S. goods with a value around $20 billion, similar to Trump’s recent import taxes on Canadian wine, cement, hockey sticks, and others.
The counter tariffs vary between 15% and 50%, affecting a broad range of Canadian imports from the U.S. such as dairy, seafood, appliances, wood and paper products, and clothing.
Key measures include a 50% tariff on American steel and aluminum, doubling the current rates. The duties on metals and wood were specifically selected as a response to earlier U.S. tariffs on steel, aluminum, lumber, and other goods.
The new tariffs are set to take effect Sept. 8.
Canada announced an extra $7.5 billion package aimed at supporting businesses and workers affected by the U.S. tariffs.
By CEO NA Editorial Staff
