Canada's reciprocal tariff measures against the US take effect, marking the shift from staunch allies to tough competitors

Eastern Canada Time at midnight on the 8th, which is 12:00 Beijing time on the 8th, the Canadian government's countervailing tariffs on U.S. goods officially came into effect. The Canadian side stated that the total value of U.S. goods affected by these countervailing tariffs is equivalent to the value of goods subject to the 50% tariffs imposed by the U.S. on Canada, achieving "equal and reciprocal" countermeasures. On August 25, the Canadian federal government announced that it would impose countervailing tariffs on U.S. goods worth 27.6 billion Canadian dollars, approximately 20 billion U.S. dollars.According to a list published by the Canadian Ministry of Finance, the countervailing tariffs are mainly focused on sectors such as steel and aluminum, dairy products, home appliances, agricultural equipment, pulp and paper, plastics, and electronic products, with tariff rates set at 15%, 25%, and 50%. Among them, the import tariffs on most U.S. steel and aluminum products will increase from 25% to 50%; dairy products such as cheese, fish, seafood, and some steel and aluminum derivatives will be subject to a 25% tariff.On July 20, U.S. President Trump signed multiple proclamations, imposing a 50% tariff under Section 338 of the Smoot-Hawley Tariff Act on hundreds of specific goods imported from Canada, such as red wine, hockey sticks, and cement, worth about 20 billion U.S. dollars. On August 21, Canadian Prime Minister Carney issued a statement announcing the suspension of trade negotiations with the U.S. and recalled the Canadian negotiation delegation. On August 22, the U.S. tariff measures officially took effect. On the same day, the Canadian government announced that it would implement equivalent retaliatory tariff measures against the U.S. starting from September 8. (Jinse Finance)