Canada Unveils Retaliatory Tariffs on Approximately $20 Billion of U.S. Goods

Canada is preparing to implement new tariffs on a range of U.S. products on Tuesday. This action is a direct response to the 50% duties previously imposed by U.S. President Donald Trump following a halt in trade negotiations, as confirmed by Canadian Trade Minister Dominic LeBlanc in a statement to CNBC.

LeBlanc expressed that Canada's preferred outcome was to reach a mutually beneficial agreement, stating, "Our preference was not to do that." He further elaborated, "Our preference was to find a deal that benefits both countries. We still believe that's possible. But in the meantime, we're not waiting by the phone."

Canadian officials are scheduled to hold a press conference at 11 a.m. ET to officially announce Ottawa's retaliatory measures against the U.S. actions.

Canada Imposes Retaliatory Tariffs on U.S. Goods Amid Trade Dispute

In a significant escalation of the ongoing trade dispute, Canada is slated to introduce retaliatory tariffs on approximately $20 billion of American merchandise. This move comes as a direct consequence of the substantial 50% duties levied by U.S. President Donald Trump. Canadian Trade Minister Dominic LeBlanc indicated to CNBC that while the preference was for a negotiated settlement, Canada would not delay its response.

LeBlanc emphasized Canada's desire for a deal that would benefit both nations, stating that such an outcome remains achievable. However, he signaled that Canada would proceed with its own measures while continuing to seek a resolution. The Canadian government is expected to formally announce the details of these retaliatory tariffs at a press conference scheduled for 11 a.m. ET.

Canada's Retaliatory Tariffs Target $20 Billion in U.S. Goods

Canada is set to unveil retaliatory tariffs on an estimated $20 billion of U.S. products on Tuesday. This decision follows the imposition of 50% duties by U.S. President Donald Trump, which occurred after trade talks between the two countries broke down. Canadian Trade Minister Dominic LeBlanc informed CNBC that this was not the preferred course of action.

"Our preference was not to do that," LeBlanc stated, confirming Canada's intent to announce the new tariffs. He added, "Our preference was to find a deal that benefits both countries. We still believe that's possible. But in the meantime, we're not waiting by the phone." Canadian officials are scheduled to hold a press conference at 11 a.m. ET to outline Ottawa's response.