PiCK
Canada also retaliates against the US... "25% tariff on products worth 31 trillion won"
Summary
- The Canadian government announced that it will impose a 25% retaliatory tariff on US steel and aluminum imports.
- This is a response to the Trump administration's imposition of a 25% tariff on all steel and aluminum products.
- As a result of this measure, Canada, as the country that exports the most steel and aluminum to the United States, is expected to be significantly affected.
Planning to impose retaliatory tariffs of about 30 trillion won
Canada announced on the 12th that it will impose a 25% retaliatory tariff on US steel and aluminum imports worth $21 billion (approximately 31 trillion won) starting from the 13th (local time).
This is a countermeasure against the Donald Trump administration's 25% tariff on all steel and aluminum products entering the United States, which took effect at midnight that day. Federal Finance Minister Dominic LeBlanc explained that this measure will take effect from the 13th, one day after the US tariffs take effect.
The US government imposed a 25% tariff on all imported steel, aluminum, and derivative products from today, in accordance with President Trump's proclamation last month.
Canada, as the country that exports the most steel and aluminum to the United States, is considered to be the country most severely affected by today's tariffs.
According to statistics from the International Trade Administration (ITA) under the US Department of Commerce, Canada ($7.14 billion, 23%) accounted for the largest share among countries exporting steel to the US last year.
Canada has been in serious conflict with the United States over high tariffs since the Trump administration took office. The Trump administration implemented a 25% tariff on Canadian imports on the 4th, but has postponed the application of the 25% tariff until the 2nd of next month for items covered by the United States-Mexico-Canada Agreement (USMCA), including automobiles.
The Canadian government has maintained its first phase of countermeasures, imposing retaliatory tariffs on US imports worth 30 billion Canadian dollars (about 30 trillion won).
Previously, the European Union (EU) also announced that it would impose retaliatory tariffs on US imports worth $28 billion (about 41 trillion won) from April in response to the Trump administration's steel and aluminum tariff measures.
Reporter Lee So-hyun y2eonlee@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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