• Canada's finance minister refutes claims that most counter-tariffs on US goods have been lifted.
• 70% of the retaliatory tariffs remain in place, affecting approximately C$43 billion of US exports.
• The adjustments in tariffs are aimed at balancing trade relations while minimizing economic harm to Canada.

Canada's Finance Minister Francois-Philippe Champagne has firmly stated that 70% of the counter-tariffs established on US goods are still active, contrary to a report suggesting that most of these tariffs have been paused. Champagne emphasized that while some tariffs related to health and public safety were temporarily paused, the bulk of the tariffs, originally designed to respond to US measures, remain intact, affecting approximately C$42 billion (US$30 billion) worth of imports. This stance was made clear following a report from Oxford Economics, which indicated a dramatic reduction in Canada’s effective tariff rate against the US, suggesting “nearly zero” tariffs, an assertion Champagne contested, calling it a misinformation campaign, according to SCMP, TRT Global, and Channel News Asia.

The debate over tariffs comes in the context of recent conversations between Canadian Prime Minister Mark Carney and US Vice President JD Vance regarding trade pressures and the fostering of new economic relationships. Carney’s administration had previously imposed substantial counter-tariffs in reaction to US tariffs on Canadian goods. During the election campaign, provisions were made to offer automakers temporary reprieves from certain tariffs provided they continued to invest in Canada. This effort aims to bolster local manufacturing while navigating the complex US-Canada trade environment, according to SCMP and Channel News Asia.

Champagne reiterated on social media that Canada's response to US tariffs was unprecedented in scale, with around C$60 billion in counter-tariffs initiated. He criticized opposition claims, stating that the counter-tariffs were essential to protect Canadian economic interests while still allowing for a calibrated approach to trade relations. The Canadian government is offering reduced tariffs for six months on goods necessary for manufacturing and public safety to help local businesses adjust, further demonstrating its commitment to strategic economic management amidst ongoing US tariffs, according to TRT Global and Channel News Asia.