Canada is poised to announce retaliatory tariffs on U.S. goods worth 29.8 billion Canadian dollars in response to the Trump administration's imposition of high tariffs on steel and aluminum. The move, reported by Reuters, marks a significant escalation in trade tensions between the two nations.
The U.S. government, under President Donald Trump, recently implemented a 25% tariff on imported steel, aluminum, and related products, a measure that took effect immediately. Canada, as the largest exporter of these materials to the United States, stands to be heavily impacted by the tariffs.
Statistics from the International Trade Administration indicate that Canada accounted for 23% of U.S. steel imports last year, valued at 7.14 billion USD. The new tariffs have exacerbated existing trade conflicts that have simmered since the Trump administration began.
Initially, the Trump administration imposed a 25% tariff on Canadian imports, which was later suspended for items covered under the United States-Mexico-Canada Agreement (USMCA) until April 2nd. In response, Canada has maintained retaliatory tariffs on U.S. imports valued at approximately 30 billion Canadian dollars.
Additional retaliatory measures worth 125 billion Canadian dollars have been delayed until April 2nd. Meanwhile, the Ontario provincial government introduced a 25% export tax on electricity to the U.S., prompting further criticism and threats of retaliation from President Trump.
The European Union has also joined the fray, announcing plans to impose retaliatory tariffs on U.S. goods worth approximately 26 billion euros starting in April. These global responses highlight the mounting trade tensions and potential for broader economic implications as nations react to U.S. tariff policies.
Copyright ⓒ 뉴스로드 무단 전재 및 재배포 금지
본 콘텐츠는 뉴스픽 파트너스에서 공유된 콘텐츠입니다.
