Canada collected over $3 billion in counter-tariffs from the U.S. before significantly reducing levies in September, falling short of the Liberals’ projected $20 billion for the fiscal year. Prime Minister Mark Carney justified the tariff removals to facilitate trade talks, stating the diminishing value of retaliations and the domestic costs associated with them. As the government prepares to release its budget, it anticipates a deeper deficit, with concerns raised about reliance on tariffs as a revenue source. The Canadian Steel Producers Association criticized the government’s exemption strategy, arguing it undermines revenue expectations and harms domestic industries.
