Canada to impose $20.7 billion retaliatory tariffs on U.S.

Canada plans to impose retaliatory tariffs on US$20.7 billion (CA$29.8 billion) worth of American imports starting March 13th. Canadian Finance Minister Dominic LeBlanc stated that this action is in response to tariffs imposed by U.S. President Trump on steel and aluminum products.

Trump's measures to increase import tariffs on steel and aluminum products took effect on Wednesday, after previously granted exemptions, duty-free quotas, and product exclusions expired. This move is part of Trump's strategy aimed at altering global trade standards to favor the United States.

Minister LeBlanc emphasized, "We will not stand idly by while our iconic steel and aluminum industries are treated unfairly." He made it clear that Canada will adopt a strategy of reciprocal retaliation.

Canada's countermeasures include targeting CA$12.6 billion worth of steel products and CA$3 billion worth of aluminum products, as well as CA$14.2 billion worth of other American imports, totaling CA$29.8 billion. The tariffs will take effect at 12:01 a.m. on Thursday (0401 GMT).

Minister LeBlanc pointed out that the products affected by Canada's retaliatory tariffs include computers, sports equipment, and cast iron goods. Furthermore, Canadian Foreign Minister Mélanie Joly stated that this is the second round of unreasonable tariffs targeting Canada and Canadian goods. She will communicate with U.S. Secretary of State Marco Rubio during the G7 foreign ministers' meeting in Quebec this week and plans to work with European allies to put pressure on the United States.

Canadian officials are scheduled to meet with their U.S. counterparts on Thursday. Michael Garcia, CEO of Canadian steel producer Algoma Steel, said that the company has temporarily suspended steel exports to the United States until Thursday, pending the outcome of the meeting.

Meanwhile, Canadian Prime Minister Justin Trudeau is preparing to hand over power to his successor, Mark Carney, this week, who won the leadership of the ruling Liberal Party on Sunday. Carney stated on Monday that he cannot communicate with Trump before being sworn in as Prime Minister. Trump reiterated on social media his desire for Canada to "become our beloved fifty-first state."