Canada Matches US Steel Tariff Rate at 50% Amid Trade War Escalation

Canada has doubled its counter-tariffs on American steel and aluminum to 50%, matching the US rate. This move follows the collapse of trade talks with Washington, which imposed a 50% tariff on $27.6 billion in Canadian exports.

The new tariffs will affect over 700 items, including household appliances and dairy products. However, there is no change to counter-tariffs on non-CUSMA-compliant vehicles or regional parts imported from the US.

Canadian households can expect a gradual increase in prices for goods containing steel and aluminum, rather than an immediate 50% jump. Research by the Bank of Canada suggests that prices rise gradually, peaking at around 6% after three months.