OTTAWA, Aug. 25 (Xinhua) -- The Canadian federal government on Tuesday announced retaliatory tariffs on over 700 U.S. goods valued at 27.6 billion Canadian dollars (about 20 billion U.S. dollars), alongside a 7.5-billion-Canadian-dollar assistance package for domestic businesses and workers.

Canadian officials said the countermeasures match the total value of Canadian products targeted by the latest 50-percent U.S. tariffs, achieving a "dollar-for-dollar, rate for rate" response. The counter-tariffs are scheduled to take effect officially on Sept. 8.

Canadian Finance Minister Francois-Philippe Champagne said the reciprocal tariffs as well as the multi-billion-dollar support package will protect workers, farmers, families and businesses.

According to a list released by the Finance Ministry, the new targeted counter-tariffs are concentrated in sectors such as steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, with tariff rates set at three tiers: 15 percent, 25 percent and 50 percent.

In certain sectors, such as steel and aluminum, existing counter-tariffs will increase from 25 percent to 50 percent to match U.S. rates. Other existing counter-tariffs, including those against U.S. autos, will also continue to apply, said the ministry.

A 25-percent tariff will be levied on dairy products such as cheese, fish, seafood, and certain steel and aluminum derivatives.

In addition to the tariffs, the federal government announced a 7.5-billion-Canadian-dollar relief package, primarily targeting small and medium-sized enterprises. Ottawa promised to help companies avoid layoffs, enable more workers to upgrade skills, and increase flexibility for accessing employment insurance.