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Canada announces C$20 billion in retaliatory tariffs against the U.S., doubling steel and aluminum tariffs to 50%.
Canada on Tuesday announced retaliatory tariffs of C$20 billion against the United States, with steel and aluminum tariffs doubling to 50% and covering approximately 700 categories of goods. Canada also launched a C$7.5 billion aid package to support affected businesses. This move led to a further escalation of the US-Canada war of words, with former US President Donald Trump subsequently threatening to rename Lake Ontario "Lake America."
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