Canada on Sunday unveiled a list of U.S. goods worth C$30 billion that will be subject to 25 percent tariffs as part of the first phase of retaliation against U.S. President Donald Trump's matching tariffs on Canadian imports.
This round of retaliatory tariffs targets products such as orange juice, peanut butter, wine, coffee, appliances, cosmetics and paper products, Canadian Finance Minister Dominic LeBlanc said in a statement.
The tariffs will take effect on February 4, coinciding with the implementation of U.S. tariffs on Canadian products, according to the statement.
In addition to the initial list, Canada plans to impose tariffs on a second set of U.S. imports valued at C$125 billion, the statement said.
This second list, to be released in the coming days, will include passenger cars, trucks, buses, steel and aluminum products, some fruits and vegetables, aerospace products, beef, pork and dairy items. It added that there will be a 21-day public consultation period before the tariffs on the second list are enforced.
The latest development comes after Canadian Prime Minister Justin Trudeau vowed retaliation late on Saturday, following Trump's announcement that he would impose 25 percent tariffs on most Canadian products and 10 percent on Canadian energy products starting February 4.
Trudeau said more non-tariff trade actions are still being considered, which could include restrictions on exports of critical minerals and energy products to the United States, as well as blocking U.S. companies from bidding on Canadian government contracts.
The Canadian Chamber of Commerce warned that the imposition of 25 percent tariffs and full retaliation could result in a 2.6 percent decline in Canada's real GDP, costing an average of 1,900 Canadian dollars per household annually. In the United States, GDP would fall by 1.6 percent, costing an average of $1,300 per household.
Reference(s):
cgtn.com
