Canada hits back at US with $12.6 billion in retaliatory tariffs

Canada hits back at US with $12.6 billion in retaliatory tariffs

But in the wake of Friday's announcement, attention now turns to the White House and whether U.S. President Donald Trump reacts with yet more tariffs as punishment for the Canadian action.

President Trump's tariffs on Canadian products and attacks against Prime Minister Justin Trudeau have prompted the mayor of Ottawa, the country's capital and fourth-largest city, to skip an invite-only Fourth of July party being held at the US ambassador's residence next week.

The penalties will add 25 percent to the cost of United States steel, and 10 percent to aluminum and consumer goods.

Foreign Affairs Minister Chrystia Freeland revealed the final list of $16.6-billion worth of retaliatory tariffs on US products, including steel and aluminum during a stop at a Hamilton steel factory Friday.

Food and consumer items - everything from dishwashing liquid and powerboats to yogurt, ketchup and whiskey - will face 10 percent tariffs.

The retaliation came as General Motors Co warned that any tariffs Washington might impose on imported vehicles could cost U.S. jobs, and as Treasury Secretary Steve Mnuchin denied a report that President Donald Trump wanted to withdraw from the World Trade Organization (WTO).

Canadian steel is used in American tanks, and Canadian aluminum is used in American planes.

Canada will also give $1.52 billion in USA dollars ($2 billion Canadian) to industries hurt by US tariffs, and $1.29 billion of this will go to help the Canadian steel and aluminum industries.

"We will not escalate and we will not back down", she added, while urging Washington to reconsider its attack on the Canadian economy, and noting that the response was Ottawa's toughest trade action since World War II.

The tariffs will go into effect Sunday.

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Among the actions the chamber recommends are continuing to pursue the case through the World Trade Organization (WTO), trying to open new markets to Canadian goods beside the US and making concessions to the Americans on areas such as supply management in dairy.

The Trump administration is studying whether to put tariffs on Canadian autos, which economists say would help plunge the economy into a recession.

Ohio-based trade lawyer Dan Ujczo said he believes there's a significant chance Trump will introduce auto tariffs to some degree, although he predicted they could target the European Union rather than Canada.

"I think that prediction has been borne out and I think all of us anticipate there will be some moments of drama in the future".

The U.S. has a United States $2 billion annual trade surplus on iron and steel products with Canada. "If you want to change it you have to make serious proposals, but you don't just walk away", he said. Canada has already taken steps to address diversion and dumping into the Canadian market and will work with all affected stakeholders on next steps to protect our workers and companies. "We are also concerned about further escalation and potentially wider and deeper impacts on Canadian businesses". It also included money to help affected workers learn new skills and provided support for work-sharing agreements.

The federal support package includes similar measures to those offered by Ottawa past year in response US duties on softwood lumber products from Canada.

Through its strategic innovation fund, Ottawa is also offering up to $250 million in support in an effort to reinforce the competitiveness of Canadian manufacturers and strengthen the integration of Canada's steel and aluminum supply chain.

For companies, Ottawa is promising up to $1.7 billion worth of financing and services for steel and aluminum industries through Business Development Bank of Canada and Export Development Canada.

Our federal government is hoping Americans, particularly Republican politicians, won't be laughing when they realize their state will be hit hard by the tariffs that will increase the price of their products in the Canadian market. They've given the president a long leash and will continue to do so.

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