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last mo.

Canada nets extra $617 million in March import duties as retaliatory tariffs take hold

Ottawa classifies its $20 billion counter-tariff estimate as provisional with a fall fiscal update scheduled

The Liberal Party estimated during their election campaign that counter-tariffs would raise $20-billion over 12 months, a figure Finance Minister François-Philippe Champagne called 'a projection at a moment in time.'
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Overview

  • March import duties generated an additional $617 million compared to a year earlier, pushing customs revenues past $1 billion.
  • In March the federal government imposed retaliatory tariffs on billions of dollars of U.S. goods, with Canadian importers shouldering the added costs.
  • The Liberal platform had forecast $20 billion in counter-tariff revenue over 12 months, but officials say that estimate was provisional during shifting trade measures.
  • Finance Minister François-Philippe Champagne warned that the rapidly evolving tariff situation has created uncertainty around revenue forecasts.
  • Ottawa paused selected counter-tariffs on U.S. imports in May and forewent a spring budget while planning a fall fiscal update as it monitors economic impacts.