Canada sets new tariffs as trade tensions push up costs for businesses and consumers

Canada announced retaliatory tariffs covering 27.6 billion Canadian dollars ($19.9 billion) in U.S. goods, matching the latest U.S. duties. The measures affect more than 700 products, including steel, aluminum, dairy, appliances, farm equipment, paper, plastics and electronics, with rates ranging from 15% to 50% beginning Sept. 8.

Canada also unveiled a 7.5 billion-Canadian-dollar ($5.42 billion) support package for small and midsized businesses facing financial risks from the trade dispute. U.S. tariffs on Canadian goods could raise prices for American households on products such as toilet paper, ice skates, alcoholic beverages and paint.

Canada is the largest buyer of U.S.-made cars, potentially adding pressure on American automakers as auto tariffs become a central point of the dispute. A Kiel Institute analysis found that U.S. importers and consumers absorb 96% of tariff costs.

Read the full story at aljazeera.com.