Ottawa has unveiled counter measures to the latest 50% tariffs from the White House, and about 700 American products will face retaliatory measures starting Sept. 8.
Ottawa, at the same time, has announced billions of dollars in support for Canadian businesses and workers who will be impacted by the U.S. tariffs.
Finance Minister Francois Philippe Champagne said the American-imposed tariffs will have real consequences for Canadian workers, businesses and communities across the country. And Canada must respond, he said, in a proportionate, targeted and strategic way.
"Canada will match the United States tariffs dollar for dollar, rate for rate," Champagne said. "Effective Sept. 8, Canada will impose counter tariffs of up to 15, 25 or 50% on $27.6 billion of imports from the United States of America. For each product our tariff would match the American tariff on the same type of Canadian goods."
The tariffs would affect 700 U.S. imports from smartphones to kitchen appliances, to makeup and perfume, dairy products, steel and pulp and paper. According to government officials, the list of targeted products came after consultations with Canadian stakeholders. And they say the aim was not to increase revenue but to protect the domestic market share for Canadian companies.
Additionally, the ministers announced a multi-billion-dollar package of supports for workers and business that are hardest hit by the 50% tariffs from Washington.
"My job, our job here this morning, is to fight for Canada, is to fight for workers, is to fight for industries, is to present the support measures for industries affected by these tariffs," said Industry Minister Melanie Joly. "And so the government is introducing a $7.5 billion package of new enhanced measures."
That money will go into improvements to employment insurance, low interest loans and expanding the scope of financial support, making it easier and faster for Canadians to get help.
Joly said Canadian businesses and workers will be supported, whatever it takes.
