Canada's Prime Minister Justin Trudeau announced on Saturday that Canada will be imposing 25% tariffs on C$155 billion ($106.5 billion) worth of U.S. goods in retaliation to U.S. tariffs. The tariffs will be implemented in two phases, with C$30 billion taking effect from Tuesday and the remaining C$125 billion in 21 days, Trudeau revealed during a news conference.
Earlier, U.S. President Donald Trump signed an executive order imposing 25% tariffs on all goods coming from Canada and Mexico, starting on Tuesday. However, Canadian energy products will only face a 10% duty.
This move comes amidst escalating trade tensions between the two countries, with both sides taking retaliatory measures. Trudeau's announcement signals Canada's firm stance in response to the U.S.'s trade policies.
Stay tuned for more updates as the situation unfolds.
