Canada collected $3B from U.S. counter-tariffs before a majority were dropped

Canada had collected more than $3 billion through U.S. counter-tariffs before removing a swath of levies in September, according to the Finance Department — a fraction of what the Liberals had promised to rake in during the current fiscal year.

The Liberals’ spring election platform estimated that the government could raise $20 billion from retaliatory levies on U.S. goods this fiscal year. But Prime Minister Mark Carney agreed to remove a majority of CUSMA-compliant imports in an effort to advance trade talks with Washington.

The Liberals are set to release this year’s budget on Tuesday and it’s expected to show a deeper deficit than the last fiscal update.

Carney defended dropping tariffs last week even though an agreement with the U.S. hasn’t yet been made, saying the “value of those