Canada to impose over $20 billion in retaliatory tariffs on United States

Canada is set to announce retaliatory tariffs on the United States worth over $20 billion in response to the United States' latest move, which saw the expiration of product exemptions on steel and aluminium imports, according to a Canadian official (via Reuters).

As trade tensions between the two nations mount, these tariffs are a direct reaction to President Donald Trump's decision to increase duties on these metals, a decision that affects the largest foreign supplier of both steel and aluminium to the United States.

The announcement comes as Prime Minister Justin Trudeau prepares to hand over the reins to his successor, Mark Carney, who won the Liberal leadership race. Carney, however, remains unable to engage in discussions with Trump until officially sworn in.

Meanwhile, Trump's recent social media comments about Canada's place in the United States have further added fuel to the fire. For now, it remains to be seen how these new tariffs will reshape trade relations.