Canada on Wednesday announced new trade duties on some $21 billion worth of U.S. goods in response to President Donald Trump implementing universal steel and aluminum tariffs.
America's northern neighbor is the largest foreign supplier of steel and aluminum to the U.S., and experts have warned Trump's duties would be passed on to consumers.
In a news conference Wednesday announcing the retaliatory duties, a Canadian government spokesman called Trump's tariffs "completely unjustified, unfair and unreasonable."
"The U.S. administration is once again inserting disruption and disorder into an incredibly successful trading partnership and raising the costs of everyday goods for Canadians and American households alike," said François-Philippe Champagne, Canada's minister of innovation, science and industry.
Canada's announcement comes despite a detente having been reached Tuesday with the Trump administration to resolve threats of a 25% surcharge on American consumers of Canadian electricity. Trump had threatened Canada with steel and aluminum tariffs climbing to 50% if the province of Ontario followed through on the surcharge.
The Dow Jones Industrial Average fell into negative territory Wednesday, retreating from earlier gains following a better-than-expected inflation report.
Canada's retaliatory measures follow ones announced by the European Union targeting a range of U.S. goods worth $28 billion, including beef, motorcycles and whiskey alongside American-made steel and aluminum.
Shares in U.S. automakers fell. In a note to clients Wednesday, analysts with Barclays financial services group noted that when Trump implemented similar duties, Ford and GM reported weaker profitability.
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