Economy News – Follow-up
Canada has announced the implementation of a 25% customs duty on American goods valued at over $20 billion. This measure is a direct response to the steel and aluminum tariffs imposed by the previous U.S. administration, which took effect recently.
During a press conference, Canadian Finance Minister Dominic Lublan detailed that the new tariffs will target not only steel and aluminum but also a range of other American products including computers, sports equipment, and cast iron items.
This latest set of tariffs follows an earlier imposition, also at a rate of 25%, on $30 billion worth of U.S. goods initiated on March 4, in retaliation for President Trump’s aggressive tariffs on Canadian imports.
Continued Enforcement of Canadian Tariffs
These Canadian countermeasures remain in place even after President Trump issued temporary exemptions from certain tariffs on March 6, following a significant decline in the stock market.
Trump’s 25% tariffs on steel and aluminum affect all imports and were confirmed early Wednesday morning. In reaction, the European Union promptly declared its plans to impose tariffs on American goods worth over $28 billion, set to begin in April.
“This is about the future of Canada”
In this context, Milani Jolie, Canadian Secretary of State, emphasized at the press conference, “This issue transcends our economy; it pertains to the very future of our country.”
Jolie further asserted, “I have been overwhelmed by the support from Canadians, and we stand strong as a nation.”
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