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.

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.

Global markets have been gripped by a sense of risk aversion ever since U.S. President Donald Trump triggered a tit-for-tat tariff war between the U.S. and its trade partners, which analysts have said could stoke inflationary pressures and trigger an economic slowdown.