South Korea · Canada · Japan · U.S. · China · Fortune Technology
Come Sept. 8, some $20 billion’s worth of U.S. goods will be subject to Canadian counter-tariffs of up to 50%
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They follow the 50% duties imposed by Washington on Canadian goods on Aug. 22.
Key facts
- The Canadian Energy Regulator (CER) notes that crude oil exports to destinations other than the United States were worth $10 billion in 2025 averaging roughly 430,000 barrels a day, up
- Come Sept. 8, some $20 billion’s worth of U.S. goods will be subject to Canadian counter-tariffs of up to 50%
- Polling by the Angus Reid Institute for the Asia Pacific Foundation of Canada found that 73% of Canadians say they know little or nothing about South Korea; 82% say the same of Singapore, and 90%
- Oil sales haven’t slowed: Alberta’s oil exports to China and South Korea rose by 122% and 227%, respectively in the first four months of 2026
Summary
Come Sept. 8, some $20 billion’s worth of U.S. goods will be subject to Canadian counter-tariffs of up to 50%. For four decades, Canadian commercial life has been organized around the belief that access to the U.S. market was a constant, rather than a variable. The team estimate that the U.S. was the destination for 65% of Canadian goods and services exports in the first half of 2026. No single market will replace the U.S. market, meaning Canadian companies will need to develop multiple smaller markets simultaneously. Fortunately, the groundwork for Canada’s expansion into Asia has already been laid.