Canada: Will impose tariffs on imports of certain US aluminum products by September 6

Canada's Deputy Prime Minister Chrystia Freeland said on Friday the idea that Canadian aluminum is a threat to the US economy is a "ludicrous notion." Freeland further announced that Canada will start imposing tariffs on imports of certain US aluminum and aluminum-containing products from September 16th.

Key takeaways

"The US decision to impose tariffs on Canadian aluminum is absurd."

"Canada will impose tariffs equivalent to those imposed by the united states, does not want to inflame the situation but will not back down."

"Canada will respond swiftly and impose dollar for dollar countermeasures against US aluminum."

"Canada will consult Canadians and industry for 30 days before retaliatory tariffs are imposed, the total amount of goods subject to tariffs will be C$3.6 billion."

Market reaction

The USD/CAD largely ignored this announcement and was last seen gaining 0.53% on the day at 1.3375.