Canada Introduces $16.6B In Steel, Aluminum Tariffs

The federal government is imposing over $16 billion worth of tariffs on U.S. goods, in retaliation against American taxes on steel and aluminum.

Foreign Affairs minister Chrystia Freeland announced the measures today in Hamilton, Ontario, saying a 25% charge on steel products and with 10% tariffs on aluminum and other goods will kick in Sunday.

Those include U.S. coffee, yogurt, refrigerators, whisky and water heaters.

“We will not escalate, and we will not back down,” Freeland says, emphasizing the “regret with which we take these countermeasures”.

“The U.S. tariffs leave Canada no choice but to defend our industries, our workers, and our communities,” Freeland continues.

The charges come after the U.S. government imposed 25% tariffs on Canadian steel, and 10% on aluminum.

The federal government is also earmarking up to $2 billion to help protect aluminum, manufacturing, and steel jobs.

Federal Innovation Minister Navdeep Bains says that includes $250 million for a Strategic Innovation Fund for those industries, and $50 million to help businesses diversify where their products are exported to.

The rest of the funding is made up of $1.7 billion in financing through the Business Development Bank of Canada and Business Development Canada. (Photo: Screenshot, CPAC.ca)

Chrystia Freeland says Canada has been measured & restrained in its response to U.S. tariffs.

“The U.S. action which initiated this is an illegal action under both WTO & NAFTA … we are perfectly within our rights to respond.” pic.twitter.com/37P22XlxCr

— CPAC (@CPAC_TV) June 29, 2018

We will defend and protect Canadian workers and businesses in the #steel, #aluminum & manufacturing industries. You can count on it. #CdnPoli https://t.co/vI4Hn2IBM6 pic.twitter.com/3SL114SnaX

— Navdeep Bains (@NavdeepSBains) June 29, 2018