 "'Following dollar for dollar approach': Canada announces 25% tariffs on nearly $30bn in US imports from Thursday")
Hours after President Donald Trump’s sweeping 25% tariffs on all steel and aluminum imported into the US came into effect, Canada on Wednesday retaliated with levies of the same amount on almost $30 billion in imports from the US.
Canada’s Finance Minister Dominic LeBlanc said that tariffs will come into effect from Thursday.
“I am announcing that the government of Canada, following a dollar for dollar approach, will be imposing, as of 12.01am, tomorrow, March 13, 2025, 25% reciprocal tariffs on an additional $29.8bn of imports from the United States,” The Guardian quoted LeBlanc as saying at a press conference.
“This includes steel products worth $12.6bn and aluminum products worth $3bn, as well as additional imported US goods worth $14.2bn for a total of $29.8bn. The list of additional products affected by counter-tariffs includes computers, sports equipment and cast iron products, as examples,” he added.
President Donald Trump tariff policy is aimed at leveling the playing field for US manufacturing but a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
On Wednesday, the 25 percent tariffs on all imports of the metals to the US came into effect as governments and markets around the world reeled from a dizzying series of back-and-forth announcements on trade made by Trump in recent days.
Trump on Tuesday threatened to impose a 50 per cent tariff on Canadian aluminium and steel imports before reversing course just hours later.
Earlier, the European Commission, the executive arm of the European Union charged with coordinating trade matters, responded swiftly, saying it would impose counter tariffs on up to 26 billion euros ($28 billion) worth of US goods - often with more symbolic than economic impact - from next month.
Impact Shorts
More ShortsNevertheless, Commission President Ursula von der Leyen told reporters she had tasked Trade Commissioner Maros Sefcovic to resume talks with US officials on the matter.
“We firmly believe that in a world fraught with geoeconomic and political uncertainties, it is not in our common interest to burden our economies with such tariffs,” Reuters quoted von der Leyen as saying.
Last week, Trump implemented significant tariffs on Canada, Mexico, and China, before announcing a delay for some duties until April 2.
The US President has also indicated plans for “reciprocal” tariffs on the European Union, Brazil, and South Korea starting early next month.
The uncertainty surrounding Trump’s “America First” agenda has unsettled stock markets, leaving investors unsure whether these tariffs are permanent or merely a negotiation tactic.
With inputs from agencies
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
