OTTAWA, Canada: Canada will impose retaliatory tariffs on C$27.6 billion (US$19.94 billion) worth of U.S. goods after new duties from Washington took effect, while also rolling out financial support for businesses and workers affected by the escalating trade war.

The counter-tariffs, which match the U.S. duties dollar for dollar, will take effect on September 8 and impose rates of 15 percent, 25 percent and 50 percent across 700 American products, according to a government statement.

Canada also announced a C$7.5 billion package of new and enhanced financial support measures for affected workers and industries. The package includes assistance for small and medium-sized businesses, funding to support companies' cash flows and measures for workers who could be at risk because of the new tariffs.

The move follows the introduction on Saturday of President Donald Trump's new 50 percent tariffs on $20 billion worth of Canadian imports after talks between the two countries aimed at averting the duties collapsed.

The latest tit-for-tat measures mark a new low in the Canada-U.S. relationship.

"Our dollar-for-dollar, rate-for-rate counter-tariffs as well as a multi-billion-dollar support package will protect workers, farmers, families, and businesses," Canada's Finance Minister François-Philippe Champagne said.

A government official said the new tariffs were designed to minimize the impact on Canadian consumers and businesses while still hitting the United States.

The 50 percent tariffs will apply to key sectors, including steel, aluminum, furniture, and clothing, the official said. Cheese, appliances and some seafood will face tariffs of 25 percent, while electronics and tools will be subject to 15 percent duties.