Canada will impose 25% tariffs on more than $20 billion worth of U.S. goods in retaliation for the Trump administration's steel and aluminum duties.

Canada will impose retaliatory tariffs on U.S. imported goods worth C$29.8 billion ($20 billion) effective on Thursday in response to U.S. President Donald Trump's steel and aluminum tariffs, Canada's Finance Minister Dominic LeBlanc said.

Canada will announce new trade duties on some $21 billion-worth of U.S. goods in response to President Donald Trump implementing universal steel and aluminum tariffs Wednesday that were also applied to Canada.