Canadian Finance Minister, Dominique LeBlanc, revealed that Canada will impose retaliatory tariffs on the United States worth CAD 29.8 billion (USD 20.67 billion) starting Thursday, in response to tariffs imposed by U.S. President Donald Trump on steel and aluminum imports.

The Canadian tariffs will target steel products worth CAD 12.6 billion, aluminum products valued at CAD 3 billion, and other U.S. goods worth CAD 14.2 billion.

Trade tensions between the two countries are escalating as Canadian Prime Minister Justin Trudeau prepares to hand over power to his successor, Mark Carney.