Canada Hits Back with 17 Billion Euro Tariffs in Escalating Trade War

A trade war escalation between Canada and the USA has led to the implementation of retaliatory tariffs by Canada. The tariffs, totaling 27.6 billion Canadian dollars (approximately 17 billion euros), came into effect on September 8. This move was in response to the US imposing 50% tariffs on Canadian imports on August 22, accusing Canada of 'discrimination' against American exporters.

The new tariffs introduced by Canada range from 15% to 50% and affect 6% of all American exports to the country. Hundreds of categories of goods are subject to restrictions, including steel, aluminum, agricultural machinery, consumer electronics, clothing, cosmetics, furniture, and dairy products. The Canadian government noted that the measures were taken based on the principle of 'dollar for dollar,' fully mirroring the volumes and levels of American sanctions.

Canadian Prime Minister Mark Carney emphasized that Ottawa would return to negotiations only after Washington begins a serious dialogue. Analysts at RBC Economics believe that Canadian tariffs will impact the US on a local scale, while for Canada, the measures from the White House pose significant risks, as about 70% of Canadian exports go to its southern neighbor.