OTTAWA: Canada announced retaliatory tariffs on $29.8 billion CAD ($20.1 billion USD) worth of U.S. imports, effective Thursday.
The tariffs include a 25% duty on steel and aluminum products imported from the U.S.
Other targeted items include computers, sporting equipment, and cast iron products.
Finance Minister Dominic LeBlanc confirmed that countermeasures will remain in place and may increase on April 2nd.
LeBlanc is scheduled to meet U.S. Commerce Secretary Howard Lutnick in Washington on Thursday to discuss the tariffs.
Upcoming Discussions
The meeting will focus on reducing tensions and navigating the process set by President Trump.
Lutnick has until April 2 to finalize global tariff decisions, according to the administration’s policy.
This date marks when reciprocal trade actions could be announced against multiple countries.
Canada is seeking to protect its industries while ensuring a fair trade environment.
Officials believe a negotiated solution is preferable to an extended trade war.
Business Impact
Canada’s Algoma Steel (ASTL) responded by pausing shipments to the U.S..
The company is waiting for clarity on tariffs before resuming cross-border trade.
Michael Garcia, speaking on CNBC, cited volatility in the market as a key concern.
Algoma is a major Canadian steel supplier to the U.S. and a crucial player in the industry.
The tariffs could disrupt supply chains and raise costs for North American manufacturers.
Job Losses
In preparation for financial uncertainties, Algoma laid off 20 workers, the Toronto Star reported.
The layoffs highlight the economic consequences of the escalating trade tensions.
Canadian companies dependent on U.S. exports are reevaluating their strategies.
If tariffs increase further, more job losses could follow across multiple industries.
Manufacturers and business leaders are urging the government to find a resolution quickly.
Future Outlook
Canada remains firm in defending its economic interests while keeping diplomatic channels open.
The coming weeks will determine whether trade tensions ease or escalate further.
Companies on both sides of the border are closely watching the negotiations.
With tariffs set to potentially increase on April 2, businesses are bracing for uncertainty.
Further updates will be provided as talks progress in Washington.
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