Canada retaliates against US tariffs: What does Section 338 mean, how are Canadian small businesses impacted, and who pays the price in a trade war?

Yesterday, 25 August, Canada announced tariffs on $27.6 billion worth of imports from the US. This came in retaliation for the new 50% tariffs being imposed on $27.6 billion of Canadian goods - in what Canadian Finance Minister François-Philippe Champagne describes as a “dollar-for-dollar, rate-for-rate” strategy.