Canada Announces Counter-Tariffs on $30 Trillion Worth of U.S. Goods

# Canada to Announce Retaliatory Tariffs Against U.S. Steel and Aluminum Duties (Seoul=Yonhap News) Reporter Lee Do-yeon: Canada is set to announce retaliatory tariffs in response to U.S. President Donald Trump's high tariffs on steel and aluminum, Reuters reported on the 12th (local time). Reuters, citing an anonymous Canadian official, reported that the Canadian government plans to impose retaliatory tariffs worth 29.8 billion Canadian dollars (approximately 30 trillion won) on U.S. steel and aluminum tariffs. The U.S. government began imposing a 25% tariff on all imported steel, aluminum, and derivative products following President Trump's proclamation last month. As the largest exporter of steel and aluminum to the United States, Canada is expected to be the most affected by the new tariffs. According to the International Trade Administration (ITA), a division of the U.S. Department of Commerce, Canada accounted for the largest share of steel exports to the U.S. last year, with exports worth $7.14 billion, representing 23% of the total. Since the inception of the Trump administration, Canada has experienced significant conflicts with the U.S. over high tariffs. On the 4th, the Trump administration implemented a 25% tariff on Canadian imports, excluding items covered under the United States-Mexico-Canada Agreement (USMCA) until the 2nd of next month. As a first-stage response, the Canadian government imposed retaliatory tariffs on U.S. imports worth 30 billion Canadian dollars (approximately 30 trillion won) and continues to maintain these measures. However, the implementation of additional retaliatory tariffs worth 125 billion Canadian dollars (approximately 125 trillion won) has been postponed until April 2. Previously, on the 10th, the Ontario provincial government imposed a 25% export tax on electricity sent to the U.S. in response to the Trump administration's tariffs on Canadian lumber and dairy products. President Trump strongly criticized Ontario's electricity surcharge on his social media platform, Truth Social, on the 11th and announced immediate counter-retaliation, increasing tariffs on Canadian steel and aluminum from 25% to 50%. However, Ontario decided to temporarily suspend the 25% surcharge on electricity exports, prompting President Trump to retract the 50% tariff increase on Canadian steel and aluminum. Prior to Canada, the European Union (EU) also announced retaliatory tariffs on U.S. goods worth approximately 26 billion euros (approximately 41 trillion won) starting in April in response to U.S. tariffs on steel and aluminum. dylee@yna.co.kr