US slaps 35% tariff on goods imported from Canada
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The news: Some Canadian goods imported into the US will be subject to a 35% tariff from 1 August, US President Donald Trump has announced.
The context: Trump said in a letter addressed to Canadian Prime Minister Mark Carney, and posted on his social media platform Truth Social, that the tariff would be “separate from all Sectoral Tariffs”.
Bloomberg reported that the rate is an increase from the existing 25% tariff levied on imports not covered by the US-Canada-Mexico free trade agreement.
The news outlet also reported that goods covered by the trade agreement will also be excluded from the new 35% rate, citing an anonymous official.
This is the latest in a string of country-specific and sector-targeted tariffs announced by Trump this week.
Trump left the door open to further negotiation “if Canada works with me to stop the flow of Fentanyl” but also threatened to match any further reciprocal tariffs.
At the end of June Canada rescinded its 3% digital services tax in hopes of striking a trade deal with the US.
What they said: “These Tariffs may be modified, upward or downward, depending on our relationship with your country,” Trump said in the letter.
The sources: Truth Social, Bloomberg
