Canada Announces $155B Tariff Package in Response to Unjustified U.S. Tariffs
February 2, 2025
Ottawa, Canada
The Government of Canada has announced a comprehensive tariff package worth $155 billion in retaliation to the unjustified tariffs imposed by the United States on Canadian goods.
In a statement released by the Minister of Finance, Chrystia Freeland, the government condemned the U.S. tariffs as “unfair, unjustified, and harmful to our economy.”
“These tariffs are a clear violation of the North American Free Trade Agreement (NAFTA) and international trade rules,” said Freeland. “They will hurt Canadian workers, businesses, and consumers, and we will not hesitate to defend our interests.”
The tariff package includes levies on a wide range of American goods, including:
- Steel and aluminum: 10%
- Dairy products: 25%
- Beef and pork: 15%
- Wine: 10%
- Passenger vehicles: 5%
The tariffs will take effect on February 5, 2025, and will remain in place until the U.S. removes its own tariffs on Canadian goods.
The announcement has sent shockwaves through the Canadian economy and has been met with mixed reactions.
“This is a necessary step to defend our economy and our workers,” said Jim Stanford, an economist at the Canadian Centre for Policy Alternatives. “The U.S. tariffs are illegal and unfair, and we have no choice but to respond.”
However, some business leaders have expressed concern about the potential impact of the tariffs on Canadian businesses.
“These tariffs will make it more difficult for Canadian companies to compete in the U.S. market,” said Perrin Beatty, president and CEO of the Canadian Chamber of Commerce. “They could also lead to higher prices for Canadian consumers.”
The government has acknowledged these concerns and has pledged to provide support to businesses affected by the tariffs.
“We recognize that these tariffs will have an impact on some Canadian businesses,” said Freeland. “That’s why we are developing a comprehensive support package to help them mitigate the costs.”
The announcement of the tariff package has heightened tensions between Canada and the United States. The U.S. has warned that it will retaliate with tariffs of its own if Canada does not remove its tariffs.
The escalating trade dispute between the two countries is a major concern for the global economy. It is feared that the dispute could lead to a wider trade war, which would have negative consequences for businesses and consumers around the world.
Additional Information:
- The U.S. tariffs on Canadian goods were imposed in June 2023, citing national security concerns.
- Canada has filed a complaint with the World Trade Organization (WTO) regarding the U.S. tariffs.
- The tariff package announced by Canada is the largest in the country’s history.
- The impact of the tariffs on the Canadian economy is still being assessed.
Canada announces $155B tariff package in response to unjustified U.S. tariffs
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