Canada responds to US auto tariffs with countermeasures
(MENAFN) Canada's Finance Minister François-Philippe Champagne announced on Tuesday that the country's newly introduced countermeasures in response to U.S. tariffs on the Canadian auto sector will come into effect at 12:01 a.m. EDT on Wednesday, April 9.
Champagne reiterated Canada's determination to "respond forcefully" against all unjustified and excessive tariffs levied by the United States on Canadian products. He underscored the government's dedication to swiftly eliminating these U.S. tariffs while safeguarding Canadian workers, businesses, the economy, and the automotive industry.
The countermeasures, which were first revealed by Prime Minister Mark Carney last week, will impose a 25-percent tariff on fully-assembled vehicles from the U.S. that do not comply with CUSMA, as well as a 25-percent tariff on the non-Canadian and non-Mexican components of CUSMA-compliant vehicles imported from the U.S.
Furthermore, a remission framework will be established to encourage auto production and investment within Canada, with the goal of preserving Canadian jobs, as stated in a release from the Finance Ministry.
The U.S. enacted a 25-percent tariff on Canadian automobiles on April 3, affecting the auto industry and the more than 500,000 Canadians it employs across the country. Additionally, the U.S. plans to introduce 25-percent tariffs on specific automobile parts starting May 3.
In 2024, imports of vehicles from the United States reached 35.6 billion Canadian dollars (25 billion U.S. dollars).
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