Canada introduced counter-tariffs on U.S. goods worth approximately $20 billion on September 8 after several rounds of trade negotiations with the United States failed. The duties range from 15% to 50% and came in response to Washington’s 50% tariffs on Canadian goods, Reuters reports, writes UNN.
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The new restrictions cover steel, furniture, clothing, electronics and other products. Ottawa expects them to increase economic and political pressure on the United States.
The Canadian government said that contacts with U.S. officials are continuing, but there are currently no formal trade negotiations.
Canadian Prime Minister Mark Carney said that the country must be prepared to reduce its dependence on the United States and seek new trade opportunities.
Analysts, meanwhile, warn that further tariff escalation could create risks for the trade agreement between the United States, Canada and Mexico.