In response to the US imposing 25% import duties on Canadian steel and aluminum, Canada has imposed similar duties on American goods worth almost 30 billion Canadian dollars (over $21 billion). This was announced in Ottawa by Canadian Finance Minister Dominic LeBlanc, Ukrinform reports.
► Read the Minfina Facebook page: main financial news
“We will not stand by while our steel and aluminum industries take justifiable hits,” LeBlanc said.
According to him, duties are being imposed on, among other things, American steel and aluminum, computers, sports equipment and certain cast iron products.
LeBlanc added that the US was trying to spread “disorder” in what was once the world's most successful trade relationship.
Canadian Trade Minister Francois-Philippe Champagne noted that Trump's tariffs will significantly increase the cost of all products manufactured in the United States due to the significant dependence of American industry on Canadian metal.
According to him, the United States produces only 16% of the aluminum it needs, and the Canadian province of Quebec alone provides 60% of U.S. industrial demand.
Let us recall
On March 4, Donald Trump imposed tariffs on goods from Canada. From March 4, 2025, imports will be taxed at 25%, and Canadian energy products will be taxed at 10%.
In response to the move, Canadian Prime Minister Justin Trudeau announced that Ottawa would impose a 25% tariff on $155 billion worth of American goods.
🕵️ We created a short survey to learn more about our readers.
💛💙 Your answers will help us become better, pay more attention to the topics that interest you.
🤗 We would be grateful if you could take a minute to answer our questions.