Canada Hits Back: C$29.8 Billion Tariff Retaliation Against the U.S.

Canada announces C$29.8 billion in retaliatory tariffs on U.S. goods following President Trump's tariffs on steel and aluminum imports. The measures cover a range of products as Canada responds to expired exemptions and trade tensions rise, coinciding with Prime Minister elect Mark Carney's impending swearing-in.

Canada is set to impose a staggering C$29.8 billion in retaliatory tariffs on U.S. goods starting Thursday. This decisive move comes as a direct response to President Donald Trump's new tariffs on steel and aluminum imports, which took effect Wednesday, emphasizing a firm stance in the ongoing trade saga between the two nations.

Dominic LeBlanc, Canada's Finance Minister, detailed that the retaliatory tariffs will target U.S. steel products worth C$12.6 billion, aluminum products valued at C$3 billion, and additional goods totaling C$14.2 billion. This response underscores Canada's significant role as the largest foreign supplier of steel and aluminum to the U.S.

The announcement follows a dramatic turn of events in the Canadian political arena as Prime Minister Justin Trudeau prepares to hand over the leadership to Mark Carney. Meanwhile, in a controversial social media remark, Trump suggested Canada should become the 'Fifty First State.'

(With inputs from agencies.)