Canada Hits Back at US Tariffs with $27.6 Billion Retaliatory Measures

Canada has announced retaliatory tariffs on US products in response to the Trump administration's recent tariffs. The new tariffs will target 27.6 billion Canadian dollars worth of American-made goods, including steel, dairy, appliances, farm equipment, paper, and electronics. The tariffs range from 15% to 50%, mirroring the Trump administration's levies on $20 billion worth of Canadian products.

The Canadian finance minister, François-Philippe Champagne, said the move is 'all about fairness' and leveling the playing field. However, this does not necessarily create a level playing field for consumers, who historically bear the cost of import taxes.

As part of its response to the tariffs, Canada has also announced a CA$7.5 billion support package for Canadian workers and businesses impacted by the new levies. This includes assistance for those affected by the trade war with the US.