Market Flux Event
Canada Hits US With Tariffs on $19.94B of Goods, Doubling Steel Duties to 50%
Canada announced retaliatory tariffs on $19.94 billion worth of American goods, matching dollar-for-dollar new duties imposed by Washington and covering more than 700 U.S. products including steel, appliances, and a wide range of consumer and industrial goods. Steel tariffs were doubled to 50%. The move came after Canadian trade negotiators left Washington last week without reaching a deal to head off President Donald Trump's new tariffs, which themselves hit about $20 billion worth of Canadian exports at a 50% rate across categories including dairy, wood products, furniture, and cement.
Prime Minister Mark Carney had pledged to match U.S. duties dollar-for-dollar after calling the U.S. demands an attempt to undermine Canadian sovereignty and destroy key industries. Ottawa also announced financial support for Canadian businesses and workers affected by the escalating dispute. The Canadian dollar fell sharply on Monday after talks collapsed, and Trump separately threatened additional 50% tariffs on Canadian vehicles, auto parts, and steel if Canada did not fall in line.
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Sources
- CnbcCanada is poised to announce new tariffs on U.S. goods Tuesday in retaliation for the 50% duties that President Donald Trump imposed after a breakdown in trade talks, Canadian trade minister Dominic LeBlanc told CNBC. “Our preference was to find a deal that benefits both countries,” he said. “We still believe that’s possible. But in the meantime, we’re not waiting by the phone.”
- ReutersCanada announces response to new US tariffs
- DeItaone*CANADA PUTS 15% TO 50% TARIFFS ON ABOUT $20B OF US PRODUCTS
- BloombergCarney Matches Trump Tariffs With 50% Tax on US Furniture, Steel
- Zerohedge*CANADA PUTS 15% TO 50% TARIFFS ON ABOUT $20B OF US PRODUCTS *CANADA DOUBLES TARIFFS ON US STEEL PRODUCTS TO 50% FROM 25%
- WallstengineCANADA HIKES TARIFFS ON ~$20B OF U.S. GOODS, DOUBLES STEEL TARIFFS TO 50%
- APBREAKING: Canada will impose retaliatory tariffs on more than 700 U.S. goods, including steel and appliances, as the trade war escalates.
- news.sky.comCanada announces retaliatory tariffs - as trade war with US heats up
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- BNNBloomberg#BREAKING : Canada outlines U.S. counter-tariffs on products like makeup, smartphones, changes to EI
- AJENewsBREAKING: Canada has announced counter-tariffs on US goods ranging from 15% to 50%, as the trade war between the two countries intensifies. More on
- MarketsdayCanada has hit back at the US with retaliatory tariffs on around $20 billion worth of American goods, including steel, dairy products, appliances, farm equipment, seafood, clothing, cosmetics and toilet paper. Some products will face duties as high as 50%. The move comes after the Trump administration imposed 50% tariffs on Canadian goods following the collapse of trade negotiations. Canada’s Finance Minister François-Philippe Champagne called it an “unprecedented challenge”, while PM Mark Carney accused Washington of trying to subordinate Canada and “destroy our major industries”. #Canada #US #DonaldTrump #TrumpTariffs #TradeWar #USCanada
- CointelegraphBIG: Canada announces 50% retaliatory tariffs on $20B of U.S. imports. “Canada will match the U.S. tariffs, dollar for dollar, rate for rate.”
- Unusual_WhalesBREAKING: Canada to impose retaliatory tariffs of up to 50% on $20 billion of U.S. goods including steel, appliances and dairy products