Canada's retaliatory tariffs as a permanent policy tool are economically counterproductive and may slow the implementation of climate initiatives.

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.

Canadian officials on Wednesday announced 25% tariffs on $29.8 billion of U.S.-produced goods after the Trump administration imposed 25% tariffs on Canadian steel and aluminum sold in the United States.