Canada announces 'dollar for dollar, rate for rate' retaliatory tariffs on US

Canada announced retaliatory tariffs on hundreds of American products as high as 50 percent Tuesday, just days after the collapse of negotiations between the two countries. Canadian Finance Minister François-Philippe Champagne said Canada will match the U.S.’s tariffs “dollar for dollar, rate for rate.” The tariffs would take effect Sept. 8. He said the 15 percent, 25 percent and 50 percent tariffs will be on $27.6 billion of imports from the U.S. “For each product, our tariff will match the American tariff on the same type of Canadian good,” he said. Arguably the biggest measure is Canada doubling its tariffs on U.S. steel and aluminum to 50 percent to match the 50 percent the U.S. put on Canadian steel and aluminum. “Those tariffs will have real consequences for Canadian workers, businesses, and communities across our nation,” Champagne said of the U.S. tariffs. “Canada must respond, and today we are in a proportionate, targeted, and strategic way.” He said the countertariffs “are designed primarily to provide protection for Canadian industries impacted by the U.S. tariffs and allow them to compete against U.S. products in the Canadian market.” DEVELOPING