OTTAWA — The federal government collected an additional $617 million in import duties this March compared to the same month last year, as retaliatory tariffs on U.S. goods took full effect. According to the latest fiscal monitor report released last week, customs import revenues surged past $1 billion in March—more than double the amount collected in March 2024.
The revenue spike comes after Ottawa imposed counter-tariffs on a broad range of American imports in response to U.S. trade restrictions that have strained cross-border commerce. While the tariffs are aimed at pressuring Washington, the cost is largely shouldered by Canadian businesses importing affected goods.
During the recent federal election campaign, the Liberal Party estimated that these retaliatory measures could generate as much as $20 billion over the course of a year. However, Finance Minister François-Philippe Champagne downplayed the certainty of that number in a recent interview, calling it “a projection at a moment in time” and noting the fast-changing nature of global trade dynamics.
The government has opted not to table a spring budget this year but has committed to releasing a fiscal update in the fall, where the longer-term impact of the counter-tariffs—and their effect on consumers and business costs—may come into clearer focus.