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                    "(CBS NEWS) \u2013 CBS News reports that Canada on Tuesday\u00a0announced\u00a0that it is imposing tariffs of up to 50% on about $20 billion of U.S. imports, aiming to match the Trump administration\u2019s recently announced\u00a0import duties\u00a0on Canadian imports.\n\u201cToday, I\u2019m announcing Canada will match the U.S. tariffs dollar for dollar, up to 50% on $27.6 billion of imports from the United States of America,\u201d Canadian Minister of Finance and National Revenue Fran\u00e7ois-Philippe Champagne said in a press conference to announce the measure. \u201cFor each product, our tariff would match the U.S. tariff on the same type of good.\u201d\nThe amount of goods impacted by the new tariffs, announced in Canadian dollars, translates to about $20 billion in U.S. dollars. The tariffs will focus on steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics that are targeted by the measures announced by the Trump administration.\n\n\t\tThe Canadian tariffs on U.S. imports will take effect on Sept. 8.\nCanada Industry Minister M\u00e9lanie Joly urged Canadians to buy domestically produced goods, saying that would help protect jobs and launch a \u201cmovement of resistance.\u201d\nCanadian officials also announced aid for workers and businesses that could be hurt by the U.S.-imposed tariffs, including loans and income support for employees.\nThe tension threatens one of the world\u2019s most significant trading relationships. The new tariffs will extend well beyond industrial goods, hitting everyday purchases such as seafood, cheese, clothing, cosmetics and toilet paper. Canadian officials said that the measures are designed to protect their nation\u2019s businesses and workers.\nCanada\u2019s retaliation came after the Trump administration on Aug. 22 imposed\u00a050% tariffs on $20 billion\u00a0in Canadian goods following the collapse of trade negotiations between the two nations. Canadian Prime Minister Mark Carney\u00a0accused Washington\u00a0of trying to subordinate Canada and said U.S. demands during the failed talks showed that Americans wanted to \u201cdestroy our major industries.\u201d\n\n\t\tOn Tuesday, Champagne said Canada\u2019s plan is to strengthen its own economy and extend trade relations with other countries, noting that he plans to meet a trade official from India this week. He also mentioned that Canada is entering the trade war with the U.S. from a position of fiscal strength, with the lowest net debt-to-GDP ratio among the G7 nations and a triple-A credit rating.\n\u201cUltimately, the terms proposed by the U.S. were uneconomic, unfair and ultimately, unacceptable,\u201d Champagne said. \u201cWe stood up for our workers. We stood up for our businesses. We stood up for Canada.\u201d\nImpact on consumers\nCanada said it will impose tariffs of 15%, 25%, and 50% on products targeted by the U.S.\n\u201cWhile the value of goods covered by these reciprocal tariff measures is only a fraction of the annual bilateral trade in goods between the two countries, at over $700 billion, these tariff lists include some goods that could have broad downstream effects on industries, trades, professions and consumers,\u201d Augustine Lo, a partner with international law firm Dorsey & Whitney, said in an email.\nThe new U.S. 50% levies on Canadian goods were enacted under Section 338 of the Tariff Act of 1930, which grants the White House authority to impose duties on imports from a trade partner that is discriminating against U.S. commerce.\n\n\t\tThe U.S. products that Canada will target with new tariffs include:\n\nFish imports like salmon and trout: 25% tariff\nLobsters and mollusks like clams: 25% tariff\nCarpets and floor coverings: 25% tariff\nAppliances like stoves and air conditioners: 25% tariff\nMilk, cream and cheese: 50% tariff\nPerfume and other cosmetics: 50% tariff\nToilet paper and facial tissue: 50% tariff\nClothing like men\u2019s and women\u2019s coats: 50% tariff\nVideo game consoles: 50% tariff\nGolf clubs and fishing rods: 50% tariff\nSteel products: 50% tariff\nAluminum products: 50% tariff\n\nFurther escalating the trade fight, President Trump on Monday announced on social media that the U.S. would\u00a0impose a 50% tariff\u00a0on all Canadian automotive and steel imports, effective Jan. 1, 2027.\n\u201cCanada has been ripping off the United States of America for years,\u201d he wrote on\u00a0Truth Social.\nLo of Dorsey & Whitney warned that the heated rhetoric and volley of tariffs pose significant economic risks for both countries.\n\u201cUntil the two sides are willing to pull back and hash out differences through negotiations, there is risk that the dispute could spiral into a full-scale trade war affecting an even wider range of goods and services traded across the northern border.\u201d\n\n\t\tFor 24/7 news and updates, follow us on\u00a0Facebook\u00a0and\u00a0X\t\n\n\t\t\t\tTags: across, cbs, CBS News, international, Mississippi, MS, national, o Local, of, of America, press, release, state, U.S., united states, usa"
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