The federal government says Canada generated roughly $3 billion in revenue from tariffs imposed on American imports before Prime Minister Mark Carney’s government lifted the counter-tariffs in September. The figures were released by the Department of Finance, which added that more details will be outlined in the upcoming federal budget.

During the spring election campaign, the Liberals had projected that counter-tariffs would bring in about $20 billion in the current fiscal year. However, to ease trade tensions with the United States, the Carney government suspended tariffs on goods covered under the Canada–United States–Mexico Agreement (CUSMA). Sector-specific tariffs, including those affecting steel and aluminum, remain in place.

While no formal trade resolution has been reached with Washington, Carney defended the move last week, saying continued tariffs were raising domestic costs for Canadian businesses and consumers. The Finance Department noted that the exemptions granted to the United States last month are expected to reduce potential government tariff revenue by about $78 million. Those funds had been earmarked to support Canadian companies affected by trade measures.