India, March 4 -- Canada has announced 25 percent retaliatory tariffs on $107 billion worth of US imports within hours of President Donald Trump said he is proceeding with implementing the same tariff rate on goods from Canada and Mexico.
Mexican President Claudia Sheinbaum said her government has made "contingency plans" to respond to the hike in import tariff, which will reportedly be announced Tuesday.
A tariff is a tax on imported goods, paid by the company importing the product. This will lead to increase in its retail price, the burden of which will have to be paid by the consumers.
Ontario Premier Doug Ford has threatened that power supply to the United States will be curbed in retaliation for the new tariffs. Canada is a major ex...