Canada Postpones 125 Trillion Won Retaliatory Tariffs to April 2
The Donald Trump administration in the United States has postponed most of the tariffs imposed on Canada for one month, and Canada has also delayed the second phase of retaliatory tariffs it had initially announced.
US President Donald Trump and Canadian Prime Minister Justin Trudeau. Photo by Reuters and Yonhap News.
According to Bloomberg and AP News on the 6th (local time), Dominic LeBlanc, Canada's Minister of Finance, announced that the implementation of additional retaliatory tariffs worth 125 billion Canadian dollars (approximately 125 trillion Korean won) will be postponed until July 2, following President Trump's announcement of a tariff suspension on items covered by the free trade agreement.
However, the Canadian government maintained the first phase of retaliatory tariffs on 30 billion Canadian dollars worth of U.S. imports that had already been implemented. AP News cited multiple Canadian government officials saying that despite the Trump administration's tariff suspension on items covered by the free trade agreement (FTA), the Canadian government decided to keep the first phase of retaliatory tariffs in place.
On the 4th, Canadian Prime Minister Justin Trudeau criticized President Trump's 25% tariffs imposed on Canada as "foolish" and implemented retaliatory tariffs on 30 billion Canadian dollars worth of U.S. imports. Trudeau had also announced plans to impose additional retaliatory tariffs worth 125 billion Canadian dollars starting on the 25th. However, as the Trump administration decided to suspend tariffs on a significant portion of Canadian products for one month, Canada appears to have taken corresponding measures.
On the same day, President Trump signed an executive order suspending the 25% tariffs on imports from Mexico and Canada covered by the United States-Mexico-Canada Agreement (USMCA) until July 2.
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