Canada announces retaliatory tariffs on $21B of U.S. goods in response to Trump’s steel and aluminum duties
Canada has announced new trade duties on some $21 billion-worth of U.S. goods in response to President Donald Trump implementing universal steel and aluminum tariffs Wednesday that were also applied to Canada.
America’s northern neighbor is the largest foreign supplier of steel and aluminum to the U.S., and experts have warned Trump’s duties were set to be passed through to consumers.
Canada’s announcement comes despite a detente having been reached Tuesday with the Trump administration to resolve threats of a 25% surcharge being imposed on American consumers of Canadian electricity. Trump had threatened Canada with steel and aluminum tariffs climbing to 50% if the province of Ontario followed through on the surcharge.
The Dow Jones Industrial Average fell into negative territory Wednesday, retreating from earlier gains seen following a better-than-expected inflation report.
Canada’s retaliatory measures follow ones announced by the European Union targeting a range of U.S. goods worth $28 billion including beef, motorcycles and whiskey alongside American-made steel and aluminum.
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