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Canada challenges US with retaliatory tariffs
Canadian authorities have lost patience and decided to respond to US President Donald Trump's tariff attacks with tariffs of their own. Canadian Prime Minister Justin Trudeau announced a 25% tariff on US goods. This move came after the United States declared a trade war against Canada on March 4.
Trudeau considers Trump's aggressive stance towards Canada unacceptable, as the North American country is a close partner and ally of the United States. In such a situation, Ottawa has no choice but to hit back with a trade blow, the prime minister said.
Starting March 4, Canada has imposed a 25% tariff on American goods imported into the country. This applies to products totaling 155 billion Canadian dollars (approximately $107.4 billion).
According to Trudeau, imposing tariffs on Canada contradicts international trade norms. In this regard, the Canadian government has filed a complaint with the World Trade Organization (WTO). "The United States has started a trade war against Canada," the official stressed.
Notably, US authorities imposed tariffs on imports from Canada, with rates set at 25% of their customs value, except for energy resources, which would be charged at 10%. The same 25% tariff was applied to products from Mexico.
As for Chinese exporters, they are required to pay a 20% tariff starting March 4. Trump attributed these strict measures to drug trafficking from certain countries to the US. Previously, the president blamed China for failing to stem the flow of synthetic drugs.
© InstaFintech Group
