Canada's collected nearly $300 million from counter-tariffs so far
Published Tuesday, September 11, 2018 12:40PM EDT
Last Updated Tuesday, September 11, 2018 3:28PM EDT
OTTAWA – The retaliatory counter-tariffs the federal government has imposed on American steel, aluminum and other goods have resulted in nearly $300 million in revenue so far.
New numbers from the Canada Border Services Agency break down the surtaxes collected on American imports in August and July 2018, the first two months that Canada's tariffs have been in place.
In total, more than $286.5 million in tariffs have been collected on affected goods imported from the United States.
Of this, $43.5 million has come from aluminum products such as alloys and cans; $133.5 million has been from steel products, such as bars and tubing; and $109.5 million comes from the tariffs on other American goods.
Specifically, the top five categories of additional goods that have been slapped with a 10 per cent surtax are:
- Handkerchiefs and other cleansing tissues and towels - $7.1 million;
- Roasted Coffee - $6.5 million;
- Polymer bags - $5.8 million;
- Sugar confectionary - $4.5 million; and
- Waters and mineral waters, including flavoured or carbonated - $3.9 million
Among the other goods that Canada has hit with counter-tariffs are: Whiskey, chocolate, condiments, maple syrup, and mattresses.
A spokesperson for Finance Minister Bill Morneau told CTV News that the additional revenue garnered by the counter-tariffs will go back to Canadian industries that are being negatively impacted by the U.S. tariffs on Canadian steel and aluminum that U.S. President Donald Trump put in place in June.
"We are committed to making sure that every dollar raised in reciprocal tariffs is given back in the form of support for affected sectors," said Pierre-Olivier Herbert.
This additional money adds to existing measures the federal government has implemented to offer assistance to Canadian steel and aluminum businesses, which includes assistance for commercial financing and investments for innovation. The government also recently concluded consultations on possible additional measures, as the tariffs continue to remain in place.
Comparably, according to the U.S. Customs and Border Protection, the U.S. has assessed a worldwide total of $1.8 billion in duties on steel and $535.2 million in duties on aluminum from countries that they have slapped tariffs on.
This is an assessment and not the actual amount collected by the U.S. and does not include the portion which will be coming from Canada. The agency was unable to provide the breakdown of the Canadian portion as a preliminary figure, though it will be published by the U.S. Treasury Department once it has been collected and deposited.
The exchange of trade action came amid tensions between the two nations over the yet-resolved NAFTA renegotiations. Canada has pledged to keep its countermeasures in place until the U.S. lifts theirs, which is unlikely to precede an updated NAFTA deal.