Canada’s counterpunch: What’s inside the government’s tariff and stimulus packages?
The Canadian government has announced it will impose $27.6-billion worth of counter- tariffs starting Sept. 8 — a dollar-for-dollar response to U.S. President Donald Trump ‘s punishing Section 338 tariffs, which came into effect Aug. 22.
At a press conference announcing the measures on Tuesday, federal ministers also pledged $7.5 billion in funding to support Canadian businesses and workers affected by the new levies. Here’s a closer look at what’s inside Ottawa’s tariff and stimulus packages.
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Ottawa has introduced 15 per cent, 25 per cent and 50 per cent tariffs on more than 700 items drawn from the list of products tariffed under the U.S. Section 232 and Section 338.
Most of the items on Canada’s list, which is over 100 pages long, will face tariffs of 25 per cent or 50 per cent. Only a small number of items will be taxed at 15 per cent.
Items hit with 50 per cent counter-tariffs include steel and aluminum products, which were previously subject to 25 per cent counter-tariffs imposed by former Prime Minister Justin Trudeau’s government. Furniture, clothing and apparel are also on the list.
Among the items hit with 25 per cent counter-tariffs are appliances, dairy products — including cheese — fish and seafood, and certain steel and aluminum derivative products (chains, nails, tacks, prefabricated structures, etc.).
Other pre-existing counter-tariffs will remain, including a 25 per cent tax on vehicles imported from the U.S. that do not comply with the Canada–U.S.–Mexico Agreement ( CUSMA ).
While Prime Minister Mark Carney said at a separate news conference in Quebec on Monday that everything was on the table, notably missing from the list are export levies on potash and Canadian crude oil or electricity, of which the U.S. is a major consumer.
Federal Industry Minister Melanie Joly said the counter-tariffs needed to be strategic, proportionate and serve Canada’s best interests.
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on financialpost.com — the content belongs to Financial Post.