WASHINGTON, Feb 2 (Reuters) - Canadian officials announced on Sunday a new mechanism that will enable Canadian businesses to seek relief from the retaliatory tariffs set to be imposed on the United States in the upcoming days.
Through the "remission process," Canadian businesses will have the opportunity to apply for tariff relief or refunds, provided they meet specific conditions.
Companies will qualify for relief if they are unable to source goods domestically or from non-U.S. sources at reasonable prices. Additionally, the government will assess relief requests on a case-by-case basis under other exceptional circumstances that could have severe adverse impacts on the Canadian economy.
Dominic LeBlanc, Canada's finance minister, stated, We want to preserve this relationship, but in response to the unjustified U.S. tariffs on Canadian goods, we are taking steps to safeguard our economy, workforce, and businesses. Canada will always stand firm.
In retaliation against similar actions from the U.S., Canada announced its initial round of tariffs on Saturday targeting imports from Canada, Mexico, and China.
The first wave of Canadian tariffs, scheduled to go into effect on Tuesday, will impact $30 billion worth of products, including beverages, cosmetics, and paper goods.
Furthermore, the government revealed its plan to levy additional tariffs on $125 billion of U.S. products, which will be detailed at a later date. These tariffs will encompass items such as vehicles, metals, produce, beef, pork, dairy products, and more, as outlined in a statement from the Department of Finance.