Canada announces $20 bln retaliatory tariffs on U.S. goods, unveils support measures

OTTAWA, Aug. 25 (Reuters) - Canada on Tuesday announced retaliatory tariffs on C$27.6 billion ($19.94 billion) worth of United States goods, matching dollar-for-dollar new duties imposed by Washington, and unveiled financial support for Canadian businesses and workers caught in the escalating trade war.

The counter-tariffs take effect on U.S. goods from September 8 and will impose duties of 15%, 25% and 50% across 700 products imported from south of the border, a government statement said.

In terms of financial support for affected workers and industries, Canada announced a C$7.5 billion package of new and enhanced measures including support for small and medium-sized businesses, a stream for funding cash flows of companies, and support for workers who could be at risk due to the new tariffs.