Canada’s $20B Tariffs in Response to Trump’s Steel and Aluminum Policies
Canada is set to implement $20.7 billion in retaliatory tariffs after President Trump enforced a 25 percent tariff on steel and aluminum, which went into effect recently. A senior Canadian government official confirmed this move, highlighting Canada's status as the leading supplier of these metals to the U.S.
The announcement comes amid a growing tariff dispute between the two nations, with President Trump vowing to double the metals tariff in response to a recent electricity surcharge imposed by Ontario on New York and other states. This trade friction amplifies concerns about supply chain disruptions and economic uncertainty.
Meanwhile, the European Union (EU) also announced similar countermeasures. Their package is worth $28 billion, intended to counter Trump's tariffs while emphasizing the potential impacts on consumer prices across nations.
“These tariffs disrupt supply chains and threaten jobs, leading to price increases that affect consumers both in Europe and the U.S.,” stated Ursula von der Leyen, the president of the European Commission.
Trump regards the upcoming price adjustments as a necessary phase for economic growth, despite the inflationary pressures anticipated. The Hill has reached out for comments from the White House and Canada’s trade ministry.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.