Ottawa Collects An Extra $617 Million From Counter-Tariffs On U.S.

Canada’s federal government in Ottawa collected an extra $617 million in import duties during March as counter-tariffs imposed on the neighbouring U.S. went into effect. The federal government’s latest Fiscal Monitor report shows that revenues from customs import duties topped $1 billion in March, more than double the figure from a year earlier. In March, the federal government placed retaliatory tariffs on billions of dollars worth of U.S. goods entering Canada — costs that are borne by Canadian businesses importing the items. The government has estimated that counter-tariffs against U.S. goods will raise $20 billion in additional revenue over the next year. The same Fiscal Monitor report showed that the federal budget deficit for the previous fiscal year, which runs April 1 to March 31, totaled $43.2 billion. That budget deficit run by Ottawa is $7.7 billion less than the deficit for the previous fiscal year. The ruling Liberal government of Prime Minister Mark Carney has announced that it is forgoing a spring budget but has pledged to deliver a fiscal update this fall.