Canada announces more than $20bn in retaliatory tariffs on U.S.

(Reuters) -- Canada will impose 29.8 billion Canadian dollars ($20.7 billion) in retaliatory tariffs on the United States effective Thursday morning in response to U.S. President Donald Trump's steel and aluminum tariffs, Canada's Finance Minister Dominic LeBlanc said.

Trump's increased tariffs on steel and aluminum imports took effect on Wednesday as prior exemptions, duty-free quotas and product exclusions expired, and as his campaign to reorder global trade norms in favor of the U.S. gains momentum.