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$12.5 Billion of U.S. Goods Hit with Tariffs

The Canadian government confirmed Sunday that it has imposed tariffs on U.S. exports worth $12.5 billion.

This story by Alanna Petroff originally appeared on CNN Money.

More than 40 U.S. steel products attract tariffs of 25 percent. A tax of 10 percent has been levied on more than 80 other American items including toffee, maple syrup, coffee beans and strawberry jam.

The response from Canada is designed to be proportional, with the new taxes being based on the amount of steel and aluminum shipped last year from Canada to the U.S.

U.S. steel tariffs, which went into effect on June 1, are expected to be particularly painful for Canada. It was the largest exporter of steel to the U.S. by value last year, according to Wood Mackenzie.
Prime Minister Justin Trudeau said it was necessary for Canada to hold the U.S. to account.

“I have made it very clear to the president that it is not something we relish doing but it is something that we absolutely will do,” he said in June. “[As] Canadians, we’re polite, we’re reasonable but we also will not be pushed around.”

U.S. steel and aluminum tariffs have also been levied against Mexico, China, Turkey, India and the European Union.

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