Canada Announces 50% Retaliatory Tariffs on US Goods

Canada's Finance Minister François-Philippe Champagne announced Monday that Canada will impose counter-tariffs of up to 50% on approximately C$28 billion worth of US goods, including steel, furniture, fresh tuna, cotton T-shirts, and makeup. The measures take effect September 8 and come in direct response to the US imposing 50% tariffs on Canadian goods after trade talks between the two countries collapsed on Friday. Champagne also announced an additional C$7.5 billion support package for businesses and workers affected by the trade dispute. The tariffs target goods that were previously protected under the North American Free Trade Agreement framework. US President Donald Trump had not directly commented on the Canadian measures at the time of publication. Analysts note the escalation represents the most serious disruption to Canada-US trade relations in decades, putting at risk an economic relationship worth hundreds of billions of dollars annually.