TORONTO—Canada is preparing to unveil retaliatory tariffs valued at Canadian $29.8 billion (approximately $20.7 billion) in reaction to the United States’ imposition of 25% tariffs on steel and aluminum imports, according to a senior Canadian government official.
The official, who requested anonymity due to a lack of authorization to speak publicly before the official announcement, indicated that the decision follows recent actions taken by the U.S.
In a similar move, the European Union also declared its intention to impose new duties on American industrial and agricultural goods. These measures are set in response to the U.S. government’s decision to increase tariffs on steel and aluminum imports to 25%, demonstrating the EU’s swift reaction to the heightened trade tensions.
Canada’s position as the largest foreign source of steel and aluminum for the United States illustrates the significant impact of these tariffs on the trade relationship between the two neighboring countries.
