Canada plans counter

The Terms of foreign exchange dealersCanadian government is considering a phased retaliatory tariff plan in response to U.S. tariffs on its steel and aluminum products. This plan may be initiated after U.S. President-elect Donald Trump takes office, with specific measures varying based on the actions of the Trump administration. Insiders revealed that the Canadian government has prepared for various scenarios, including short-term retaliation on well-known American goods.

According to an anonymous official, if Trump imposes tariffs on Canada, Ottawa may immediately impose tariffs on some symbolic American products. The target products include about 10 items, such as Florida's orange juice and Kentucky's bourbon, aimed at attracting U.S. attention.

If the Trump administration continues to advance large-scale trade measures, Canada has prepared a broader tariff list. Under this plan, Canada may impose retaliatory tariffs on U.S. steel and aluminum products. The U.S. is Canada's largest source of manufactured imports, and the list includes U.S. products worth approximately 37 billion CAD (26 billion USD), along with a list involving a total value of 150 billion CAD. The details of these plans were preliminarily disclosed during a meeting between Trudeau and leaders of Canada's 13 provinces and territories.

Canada has significant reliance on U.S. steel and aluminum products. According to U.S. Department of Commerce data, in 2023, Canada imported 3.74 million tons of steel products from the U.S., with a total value of approximately 5.93 billion USD, while U.S. exports of aluminum to Canada amounted to 430,000 tons, valued at about 1.91 billion USD. The official added that before any tariff implementation, the Canadian government will conduct a public consultation process to broadly gather public opinions.

This retaliatory tariff plan marks Canada's strong stance amid trade tensions, especially in the context of potential continued protectionist measures by the Trump administration. The Canadian government stated it will respond flexibly based on specific U.S. actions to ensure its national interests are not compromised.

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