Wednesday, April 24, 2024

Canada to impose $3.6B in retaliatory tariffs against the U.S.

First Published:

Canada will impose $3.6 billion in retaliatory tariffs against the U.S.

Deputy Prime Minister Chrystia Freeland made the announcement Friday morning.

She says the tariffs will match dollar-for-dollar the costs of the planned 10 per cent import tariff on Canadian raw aluminum that will apply starting Aug. 16.

U.S. President Donald Trump announced the tariffs on Thursday.

He’s accusing Canada of breaking a promise not to flood the U.S. market with aluminum.

Canada and its aluminum producers say the accusation is completely false.

Freeland says Ottawa has a long list of U.S. products containing aluminum to possibly target for the retaliation, including washing machines, golf clubs and exercise equipment.

She says the government will spend the next 30 days consulting with the domestic industry to determine which items on the list will end up being targeted.

Meanwhile, Ontario Premier Doug Ford lashed out against the tariffs on Friday.

Ford told a press conference he is “disappointed,” noting how important Canada and Ontario are to the U.S.

“Who does this, in times like this? Who goes after their largest trading partner?” he said.

The premier is urging Ontario residents to “hit ’em where it hurts” and buy Ontario-made goods.

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