Canada to Announce Retaliatory Tariffs on US Goods Worth 30 Trillion Won

Foreign media such as Reuters and Investing.com reported on the 12th (local time) that Canada has decided to announce retaliatory tariffs in response to U.S. President Donald Trump's steel and aluminum tariffs.

Citing Canadian officials, foreign media stated that the Canadian government is set to announce retaliatory tariffs worth 29.8 billion Canadian dollars (approximately 30 trillion won) against the U.S. steel and aluminum tariffs.

Starting from this day, the U.S. government imposed a 25% tariff on all imported steel, aluminum, and derivative products in accordance with President Trump's proclamation last month.

Canada is the largest exporter of steel and aluminum to the U.S. and is considered the country most affected by the tariff measures.

According to statistics from the U.S. International Trade Administration (ITA), Canada accounted for the largest share of steel exports to the U.S. last year, with $7.14 billion (23%).

Since the inauguration of the Trump administration, Canada has had serious conflicts with the U.S. over high tariffs. On the 4th, the Trump administration implemented a 25% tariff on Canadian imports but postponed the application of the 25% tariff on items covered by the United States-Mexico-Canada Agreement (USMCA), such as automobiles, until May 2nd.

As a first-stage response, the Canadian government imposed retaliatory tariffs on $30 billion CAD worth of U.S. imports and has maintained them. However, the implementation of additional retaliatory tariffs worth 125 billion CAD (approximately 125 trillion won) has been postponed until April 2nd.

Prior to Canada, the European Union (EU) also opposed the steel and aluminum tariffs and decided to impose retaliatory tariffs on U.S. goods worth approximately 26 billion euros (about 41 trillion won) starting in April.