OTTAWA – The Canadian federal government on Tuesday announced retaliatory tariffs on over 700 US goods valued at CA$27.6 billion (about $20 billion), alongside a CA$7.5-billion assistance package for domestic businesses and workers.

Canadian officials said the countermeasures match the total value of Canadian products targeted by the latest 50-percent US tariffs, achieving a "dollar-for-dollar, rate for fate" response. The counter-tariffs are scheduled to take effect officially on Sept 8.

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Canadian Finance Minister Francois-Philippe Champagne said the reciprocal tariffs as well as the multi-billion-dollar support package will protect workers, farmers, families and businesses.

According to a list released by the Finance Ministry, the new targeted counter-tariffs are concentrated in sectors such as steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, with tariff rates set at three tiers: 15 percent, 25 percent and 50 percent.

In certain sectors, such as steel and aluminum, existing counter-tariffs will increase from 25 percent to 50 percent to match US rates. Other existing counter-tariffs, including those against US autos, will also continue to apply, said the ministry.

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A 25-percent tariff will be levied on dairy products such as cheese, fish, seafood, and certain steel and aluminum derivatives.

In addition to the tariffs, the federal government announced a CA$7.5-billion relief package, primarily targeting small and medium-sized enterprises. Ottawa promised to help companies avoid layoffs, enable more workers to upgrade skills, and increase flexibility for accessing employment insurance.