Canada to impose 25% retaliatory tariffs on $21 billion worth of U.S. goods

Canada said Wednesday it will impose 25% tariffs on more than $20 billion worth of U.S. goods in retaliation for the Trump administration's steel and aluminum duties that took effect overnight.

The new tariffs cover steel and aluminum, as well as other U.S. goods including computers, sports equipment and cast iron products, Canadian Finance Minister Dominic LeBlanc said at a press conference.

They will take effect Thursday, LeBlanc said.

The new Canadian duties are on top of the 25% counter-tariffs that Ottawa slapped on $30 billion worth of U.S. goods on March 4, in response to President Donald Trump's imposition of broad-based tariffs on Canadian imports.

Those Canadian countermeasures remain in place, despite Trump issuing temporary exemptions on some of his tariffs on March 6 following a severe stock market sell off.

Trump's 25% tariffs on steel and aluminum applied to all imports of the metals, not just those from Canada. After they were enacted early Wednesday morning, the European Union swiftly announced it would slap its own tariffs on more than $28 billion worth of U.S. goods starting in April.

"This is much more than about our economy. It is about the future of our country," said Melanie Joly, Canada's foreign affairs minister, during Wednesday's press conference.

"Canadians have had enough, and we are a strong country," Joly said.

Trump is a devoted fan of tariffs who has touted them as key tools for negotiating with other countries, generating revenue and protecting and boosting domestic industries.

But most economists warn that tariffs — taxes on imports that are paid by the importers — threaten to upend supply chains and raise prices for consumers. And Trump's rollout of his tariff plans has generated significant uncertainty on Wall Street, leading at least in part to a weekslong stock market downturn.

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