Canada announces tariffs of up to 50% on $20 billion in U.S. goods

Canada on Tuesday announced that it is imposing tariffs of up to 50% on about $20 billion of U.S. imports, aiming to match the Trump administration's recently announced import duties on Canadian imports.

"Today, I'm announcing Canada will match the U.S. tariffs dollar for dollar, up to 50% on $27.6 billion of imports from the United States of America," Canadian Minister of Finance and National Revenue François-Philippe Champagne said in a press conference to announce the measure. "For each product, our tariff would match the U.S. tariff on the same type of good."

The amount of goods impacted by the new tariffs, announced in Canadian dollars, translates to about $20 billion in U.S. dollars. The tariffs will focus on steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics that are targeted by the measures announced by the Trump administration.

The Canadian tariffs on U.S. imports will go into effect on Sept. 8.

Canadian officials also announced aid for workers and businesses that could be hurt by the U.S.-imposed tariffs, including loans and income support for employees.