The Trudeau government is planning a first round of counter-tariffs that could be announced as soon as President-elect Donald Trump takes office on Monday, Radio-Canada has confirmed.
Countervailing tariffs will be applied to $37 billion worth of goods that have less negative impact on Canada’s economy.
President Trump has threatened to impose a 25% tariff on Canadian products.
The Canadian government is also preparing to impose additional retaliatory tariffs worth up to $110 billion, depending on the Trump administration’s actions. These could potentially cause more damage to the Canadian economy.
If President Trump enacts tariffs after taking office, the first retaliation could come as early as Monday. A consultation period of 15 to 30 days is required before tariffs take effect.
On Friday, Prime Minister Justin Trudeau met in Toronto with the newly formed Canada-U.S. Relations Council, which was created to assist the federal government in dealing with President Trump’s tariff threats. The 18-member council includes representatives from the auto industry, trade unions, industry and agriculture.
At the beginning of the meeting, Prime Minister Trudeau said, “If the next government moves forward with tariffs, we will act without hesitation.” “We will respond… everything is on the table.”
Trudeau added that if the “worst-case scenario” of a trade war were to occur, Canada would have to support the countries most affected by tariffs while proving that there are no winners in a trade war.
“If one region or one industry has to shoulder the greater burden of protecting Canadians, we will ensure that all Canadians come forward to support that region or industry. Together, we We are working on this.”
This will continue in the future.
