Canada will impose retaliatory tariffs of up to 50% on $20 billion worth of U.S. goods, fulfilling Prime Minister Mark Carney’s pledge to match President Donald Trump’s duties “dollar for dollar,” the Guardian reported.
The Canadian government announced the measures will take effect on September 8, applying duties of 15%, 25%, and 50% across 700 product categories.
“This is an unprecedented challenge imposed on Canada, but Canada will meet the moment,” said Finance Minister François-Philippe Champagne.
On Monday, Trump declared he would increase tariffs on Canadian-made vehicles and auto parts starting in January.
Market reaction
At the time of writing, the USD/CAD pair is up 0.03% on the day at 1.3842.
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