Economic reports or statements from Canadian government or industry associations

Canada Readies C$150 Billion in Tariffs on US Goods Amid 25% Tariff Threat from Trump

Jan 15, 2025, 11:45 PM

Canada is preparing to impose tariffs on up to C$150 billion ($105 billion) of US-manufactured products in response to potential 25% tariffs threatened by incoming US President-elect Donald Trump. Prime Minister Justin Trudeau has vowed a 'strong, national response' to these looming tariffs, emphasizing that 'everything is on the table' as potential countermeasures. The initial list of US products targeted for tariffs has not been detailed but would cover nearly a third of Canada's imports from the US. Trudeau met with Canada's provincial leaders to discuss strategies, with most agreeing to a unified approach, though Alberta Premier Danielle Smith opposed measures that would affect energy exports. The proposed US tariffs have raised concerns about their potential devastating impact on the Canadian economy, prompting discussions on retaliatory tariffs and other measures to protect Canadian interests.