Canada will announce Canadian $29.8 billion or $20.7 billion in retaliatory tariffs in response to the 25% steel and aluminum tariffs that U.S.

Canada will impose retaliatory tariffs on U.S. imported goods worth C$29.8 billion ($20 billion) effective on Thursday in response to U.S. President Donald Trump's steel and aluminum tariffs, Canada's Finance Minister Dominic LeBlanc said.

President Donald Trump backed down from an extraordinary trade war escalation Tuesday that had threatened a massive surge in Canadian steel and aluminum tariffs and new tariffs on Canadian electricity.