(Area) Canada and the European Union are implementing a ‘dollar-for-dollar’ approach, placing 25 percent tariffs on US imports. These counter-measures immediately followed tariffs leveled against all foreign steel and aluminum product-imports by the Trump administration.
For Canada, this second round of counter-tariffs is in addition to $30 billion worth of imported US goods imposed when sweeping U.S. tariffs on Canada took effect on March 4th.
Canadian Finance Minister Dominique LeBlanc made this latest counter-tariff announcement just hours after the US tariffs were put on steel and aluminum products.
At the same time, the European Union announced its own retaliatory tariffs, with duties on U.S. industrial and agricultural products in response to Donald Trump’s tariffs. Ursula von der Leyen, president of the European Commission, announced the EU counter-tariffs immediately upon the US metals imposition.
Like Canada, the European Union is using a focused approach by targeting mostly Republican-held states, hitting soybeans in Louisiana, beef and poultry in Kansas and Nebraska, along with other Republican states including Alabama, Georgia and Virginia among others.
Back in Ottawa, Finance Minister LeBlanc went on to assure Canadian businesses and workers that there are financial supports in place, for what could be a long and chaotic trade war.
President Trump said that Canada, the EU, and all other countries could be subject to new reciprocal tariffs effective April 2.
