Canada plans to impose $20.7 billion in retaliatory tariffs following President Donald Trump’s 25% tariff on steel and aluminum, which took effect Wednesday, according to a senior Canadian official.
Canada, the largest steel and aluminum supplier to the U.S., is responding amid escalating trade tensions. Earlier this week, Ontario introduced an electricity surcharge on power exports to New York, Michigan, and Minnesota, prompting Trump to threaten doubling tariffs on metals. Ontario Premier Doug Ford has paused the surcharge ahead of a Thursday meeting with Commerce Secretary Howard Lutnick.
The European Union also announced $28 billion in countermeasures, set to take effect by April 13. European Commission President Ursula von der Leyen warned that Trump’s tariffs would disrupt supply chains and raise consumer prices.
Trump defended the tariffs, calling inflationary effects a “period of transition” necessary for economic growth. Canada’s full list of retaliatory measures is expected soon.
Sources
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