Canada Announces Final Retaliatory Tariff List For The United States

At the end of the buffer period before the start of the counterattack measures against the US steel and aluminum tariffs, the Canadian government, which did not wait for the turn of events, announced a formal list of retaliatory taxes on the United States, as well as supporting measures for the domestic steel and aluminum industry.

On June 29th, Canadian Foreign Minister Vreeland (ChrystiaFreeland), carrying a number of economic and trade related ministers, announced to the media in the Hamilton iron and steel industrial area near Toronto. Since July 1st, retaliatory tariffs have been imposed on us products, including steel and aluminum, which amount to 16 billion 600 million Canadian dollars (at the exchange rate of about 12 billion 600 million US dollars).

"Canada will not aggravate trade wars, but it will not yield," he said. She said the US tariff policy had no choice for Canada. The real solution to this "unfortunate and unprecedented" dispute can only be the United States withdrawing its steel and aluminum tariffs.

The federal government of Canada described this as a direct, prudent and equivalent response to the US steel and aluminum tariffs.

According to official data, the US surplus in Canada's trade in steel products is 2 billion US dollars per year. 50% of US steel exports are exported to Canada. Canada's steel and aluminum are used to make tanks and airplanes in the United States. Canada said steel and aluminum industry The steel and aluminum industry in North America is more competitive globally. The United States regards trade with Canada as a threat to the national security of the United States, which is "unbelievable and totally unacceptable".

In March 8th, the United States announced that based on the results of the "232 survey", tariffs on imported steel would be increased by 25%, and 10% tariffs on imported aluminum products would be imposed, but it would be temporarily exempted for some economies. In May 31st, US President Trump decided to end the exemption period. From June 1st onwards, we import steel and aluminum tariffs to Canada, Mexico and the European Union. Canada immediately announced a plan for reciprocal tax retaliation and solicited opinions from the public.

Canada decided to introduce retaliatory tariffs to the United States on schedule, with a slight increase or decrease in the official list, but the total value remained unchanged. Besides steel and aluminum products, the list also includes American whisky, lawnmower, coffee, tomato paste, maple syrup, washing machines, freezers and pillows. Canada has a long vacation after Friday. The tax list will come into effect on July 1st, Canada's national day.

Meanwhile, the Canadian federal government announced an appropriation of 2 billion Canadian dollars to support the steel and aluminum industries and manufacturing industries. It includes a series of measures, such as increasing worker protection, promoting employment and training programs for workers, and increasing domestic labor force. market We should improve the steel and aluminum supply chain and assist Canadian enterprises to diversify their export channels.

According to official figures, in 2017, Canada and the steel industry provided about 23000 and 10500 jobs for Canadians respectively.

Canadian officials also said they would continue to work to eliminate the "unreasonable and illegal" tariffs of the United States in a comprehensive and permanent way. He reiterated his expectation of "dramatic moments in the future".