The Canadian government is preparing a list of tariffs that the country may impose in response to the 25% tariffs promised by the elected U.S. President Donald Trump, stated Canadian Foreign Minister Mélanie Joly.
"We need to show the American people and Trump's circle that there will be real consequences. Canada has a deep affinity for the U.S. and is its closest ally, but we also have leverage," she told reporters in Ottawa.
Joly did not specify which American goods and services might be subject to tariffs. According to a senior official cited by MarketWatch, all products are being considered, and the final list will depend on Trump's ultimate decision.
In November 2024, Trump promised to impose 25% tariffs on goods from Canada and Mexico due to the influx of illegal drugs and migrants from those countries. In response, Canada pledged to spend around $1 billion to enhance border control and purchase helicopters and drones for patrolling.