March 12 (Reuters) - Canada will impose C$29.8 bln in retaliatory tariffs on the United States effective Thursday morning in response to U.S. President Donald Trump's steel and aluminum tariffs, Canada's Finance Minister Dominic LeBlanc said.

Trump's increased tariffs on steel and aluminum imports took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired, and as his campaign to reorder global trade norms in favor of the U.S. gains momentum.

Canada is the biggest foreign supplier of steel and aluminum to the United States.

Canada's retaliation targets steel products worth C$12.6 billion and aluminum products worth C$3 billion as well as additional imported U.S. goods worth C$14.2 billion for a total of $29.8 billion.

Products affected by Canada's counter-tariffs include computers, sports equipment, and cast iron products, LeBlanc said at a news conference.

The escalation of the U.S.-Canada trade war occurred as Prime Minister Justin Trudeau prepared to hand over power this week to his successor Mark Carney, who won the leadership race of the ruling Liberals on Sunday.

On Monday, Carney said he could not speak with Trump until he was sworn in as prime minister. Trump again on social media said he wanted Canada "to become our cherished Fifty First State."