Today, the Honourable François-Philippe Champagne, Minister of Finance and the Honourable Anita Anand, Minister of Innovation, Science and Industry announced the launch of a 30-day public consultation on possible trade measures to protect against the threat of diversion of steel products from third countries into the Canadian market as a result of the recent trade measures by the U.S.
The Government of Canada has made regulations that cease the application of the federal fuel charge, effective April 1, 2025, and is also removing requirements for provinces and territories to have a consumer-facing carbon price as of that date.
Canada is strongest when all orders of government work together. The Minister welcomed the active role of the premiers and their provincial and territorial governments in addressing the tariff issue.
Yesterday, the Honourable François-Philippe Champagne, Minister of Finance joined Chris Forbes, Deputy Minister of Finance, to host a briefing with more than 400 Canadian industry and labour stakeholders, as well as provincial and territorial representatives, on Canada-U.S. economic issues. Arun Alexander, Canada’s Deputy Ambassador to the United States of America, also joined the call.
The Honourable François-Philippe Champagne, Minister of Finance, will host a meeting with provincial and territorial Finance Ministers in Montréal, Quebec.
Following a dollar-for-dollar approach, Canada is imposing, as of 12:01 am, March 13, 2025, 25 per cent reciprocal tariffs on a list of steel products worth $12.6 billion and aluminum products worth $3 billion, as well as additional imported U.S. goods worth $14.2 billion, for a total of $29.8 billion. The list of additional products affected by counter tariffs includes tools, computers and servers, display monitors, sport equipment, and cast-iron products.
Effective March 13, 2025, the Government of Canada is imposing 25 per cent tariffs on $29.8 billion in products imported from the United States (U.S.).
In Budget 2024, the Government of Canada reiterated its commitment to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product.
