Just after Midnight this morning, Canada’s retaliatory tariffs on U.S. goods were launched into orbit. It’s a counter-punch to the 50 percent tariffs that were launched against Canadian goods a few weeks ago by the Trump administration. So what exactly does our counter-punch entail? For starters, a 50 percent tariff on a variety of American dairy products, such as milk and cream. Then, a 25 percent tariff on fresh cheese and curd. We also have 25 percent tariffs on U.S. wood products – anything made of softwood, pine, fir, and spruce. And yes, a list of steel and aluminum products are also being struck with a 50 percent punch, which is up from the previous 25 percent rate. Canada’s Prime Minister addressed Canadians in a 15-minute online video today, and he pulled no punches about the tough times in front of us. He says that Canada doesn’t want to escalate things, but insists that retaliation was a necessary move. He warns that this punch-back will come at a cost to Canadians, but also outlined a series of federal support measures that will be put in place. And over the following 6 months, Carney pledges to double Canada’s free-trade market access with other countries. Is all of this short-term pain worth it? Sylvain Golsse, a National Trade Leader at EY Canada, joins guest host Chris Holski on Ottawa Now.

<p>Just after Midnight this morning, Canada&rsquo;s retaliatory tariffs on U.S. goods were launched into orbit. It&rsquo;s a counter-punch to the 50 percent tariffs that were launched against Canadian goods a few weeks ago by the Trump administration. So what exactly does our counter-punch entail? For starters, a 50 percent tariff on a variety of American dairy products, such as milk and cream. Then, a 25 percent tariff on fresh cheese and curd. We also have 25 percent tariffs on U.S. wood products &ndash; anything made of softwood, pine, fir, and spruce. And yes, a list of steel and aluminum products are also being struck with a 50 percent punch, which is up from the previous 25 percent rate. Canada&rsquo;s Prime Minister addressed Canadians in a 15-minute online video today, and he pulled no punches about the tough times in front of us. He says that Canada doesn&rsquo;t want to escalate things, but insists that retaliation was a necessary move. He warns that this punch-back will come at a cost to Canadians, but also outlined a series of federal support measures that will be put in place. And over the following 6 months, Carney pledges to double Canada&rsquo;s free-trade market access with other countries. Is all of this short-term pain worth it?&nbsp;Sylvain Golsse, a National Trade Leader at EY Canada, joins guest host Chris Holski on Ottawa Now.</p>