Retaliatory Tariffs Padding Canada’s Finances as Expenses Rise
Cranes unload shipping containers onto trucks at the Port of Prince Rupert in Prince Rupert, British Columbia, on July 15.
Photographer: James MacDonald/BloombergCanada’s retaliatory tariffs on US goods are partially offsetting weaker revenue from corporate and sales taxes as federal government expenditures continue to rise.
Revenue from customs import duties rose to C$2.4 billion ($1.8 billion) in April and May, according to data released Friday by Canada’s Department of Finance. That’s up from C$842 million in the same period a year earlier, capturing revenue from retaliatory tariffs that Prime Minister Mark Carney has levied on imports of some US goods.