Ottawa collects extra $617M from import duties in March as counter-tariffs hit U.S.

Ottawa collected an extra $617 million in import duties this past March compared to a year earlier as counter-tariffs against U.S. trade restrictions came into effect.

The federal government's latest fiscal monitor report, published late last week, shows revenues from customs import duties topped $1 billion in March, more than double the figure from a year earlier.

In March the federal government slapped retaliatory tariffs on billions of dollars in U.S. goods entering Canada — costs that are paid by Canadian businesses importing the items.

The Liberal party projected during the recent federal election campaign that counter-tariffs against the United States would raise an estimated $20 billion over 12 months.

Finance Minister François-Philippe Champagne said in an interview with CBC last week that the figure in the Liberal platform was "a projection at a moment in time" and noted the tariff situation has been changing rapidly.

The Liberals are forgoing publishing a spring budget but have promised a fiscal update in the fall.

Picture Courtesy: THE CANADIAN PRESS/Justin Tang