00:23Canada has announced nearly $20 billion worth of retaliatory tariffs on American goods,
00:29striking back after new tariffs imposed by the Trump administration.
00:33Ottawa says its counter-tariffs will match Washington's measures dollar for dollar,
00:38and the move marks a new low in relations between the two close trading partners.
00:44Starting September 8th, Canada will impose tariffs of 15%, 25%, and 50% on around 700 products imported from the
00:53United States.
00:54So what exactly is being targeted?
00:56Steel, aluminum, furniture, and clothing are among the products facing tariffs as high as 50%.
01:03Other American goods, including cheese, appliances, and some seafood, will face 25% duties,
01:09and electronics and tools will be hit with 15% tariffs.
01:14But Canada is not stopping at tariffs.
01:16Ottawa has also announced a massive $7.5 billion support package for Canadian businesses and workers expected to be affected
01:25by the trade war.
01:27The package includes support for small and medium-sized businesses, funding to help companies manage cash flow,
01:33and assistance for workers who could be put at risk by the new tariffs.
01:37The announcement comes after President Donald Trump's latest 50% tariffs on around $20 billion worth of Canadian imports took
01:45effect on Saturday.
01:47Those tariffs followed the collapse of talks between Washington and Ottawa aimed at preventing the new duties.
01:54And now Canada has responded with a tit-for-tat strategy.
01:58Canada's finance minister, Francois-Philippe Champagne, says the dollar-for-dollar counter-tariffs, combined with the multi-billion-dollar support
02:07package,
02:08are designed to protect workers, farmers, families, and businesses.
02:12But there's a bigger question.
02:14Who pays the price for this trade war?
02:17Canada says it has designed the measures to limit the impact on Canadian consumers and businesses.
02:23At the same time, Ottawa believes the tariffs can put pressure on American producers and exporters.
02:29This means the economic confrontation is no longer just about tariffs.
02:34It is now about who can withstand the pressure for longer.
02:39The United States and Canada are deeply connected through trade.
02:42So as both sides raise tariffs, businesses on both sides of the border could face higher costs and greater uncertainty.
02:51For now, Canada's message to Washington is clear.
02:55Trump's tariffs will not go unanswered.
02:57And with billions of new dollars in duties and economic support now on the table,
03:03the Canada-U.S. trade war has entered a new and more confrontational phase.
03:12The Canada-U.S. trade war has entered a new and more confrontational phase.
03:19Subscribe to OneIndia and never miss an update.
03:24Download the OneIndia app now.
Comments