Canada Slaps Retaliatory Tariffs on US Goods Worth $20Bn as Trade War Intensifies

• Canada hit back on Tuesday with retaliatory tariffs on about $20Bn worth of U.S. annual imports and rolled out aid for businesses and workers, matching Washington's latest duties dollar-for-dollar.
• The counter-tariffs on U.S. goods take effect on September 8 and impose duties of 15%, 25% and 50% across around 700 products imported from south of ​the border, a government statement said.
• "Our dollar-for-dollar, rate-for-rate counter-tariffs as well as a multi-billion ​dollar support package will protect workers, farmers, families, and businesses," Canada's Finance Minister François-Philippe Champagne said.
• Canada levied the 50% tariffs on steel, aluminium, furniture and clothing, set the 25% tariffs on cheese, appliances and some seafood, and placed the 15% tariffs on electronics and tools, a Canadian government official told reporters.
• Trump's new tariffs are relatively narrow, affecting roughly 5% of Canada's ​exports to the United States. But trade analysts say they could have severe, concentrated effects on some sectors that are already struggling, like ​wood products, particularly kitchen cabinet makers.

(Source: Reuters)