1. eliminate all counter-tariffs on any kind of capital inputs or capital investments in the sectors targeted by the american tariffs and more generally, too. that is a stupid economic policy that will act as a corporate tax hike and hurt canadian companies by making them less competitive - in canada, in the us and globally. if those companies cannot compete and have to fail or downsize, the companies making the inputs will fail and have to downsize, too.
2. replace the counter-tariffs on capital inputs and capital investments with:
a) tax incentives to buy canadian capital inputs and capital investments
b) subsidies to the companies producing those capital inputs and investments
c) tariffs on finished products in those sectors that are imported to canada from the united states
3. not be obsessed with the idea that the outcome is dollar-for-dollar. it might not be. that's not important and shouldn't be the goal.
4. increase the income tax rate at the highest level to pay for it.