SMM Spot Aluminum Market Comment: High Aluminum Prices Dented Buying Appetite

Ottawa, August 25 (Xinhua) -- The Canadian federal government announced on the 25th that it will impose retaliatory tariffs on more than 700 U.S. goods worth CAD 27.6 billion (approximately USD 20 billion), and simultaneously launch a CAD 7.5 billion (approximately USD 5.4 billion) aid package for businesses and workers. Canadian federal officials stated that the total value of U.S. goods affected by the retaliatory tariffs is equivalent to the value of goods subject to the 50% tariff imposed by the U.S. on Canada, achieving a "reciprocal" countermeasure. The Canadian tariff retaliatory measures will officially take effect on September 8. Canadian Finance Minister François-Philippe Champagne stated that the retaliatory tariffs and the multi-billion dollar comprehensive aid package will effectively protect domestic workers, farmers, families, and businesses. According to the retaliatory tariff list released by the Canadian Ministry of Finance, these targeted retaliatory tariffs mainly focus on steel and aluminum, dairy products, home appliances, agricultural equipment, pulp and paper, plastics, and electronic products, with tariff rates of 15%, 25%, and 50%. Among these measures, tariffs on most steel and aluminum products imported from the United States will increase from 25% to 50%; dairy products such as cheese, fish, seafood, and some steel and aluminum derivatives will be subject to a 25% tariff; other existing retaliatory tariffs, including those on U.S. automobiles, will remain in effect.