Trump threatens 35% tariffs on Canadian imports

US President Donald Trump threatened to impose 35% tariffs on some Canadian imports. He also raised the possibility of higher duties on goods from most of the country’s trading partners.

The US leader said tariffs against Canada will take effect August 1. The new 35% levy replaces the current 25% duty applied to Canadian goods not covered by the USMCA trade deal.

Analysts believe America will likely maintain a 10% tariff on some energy goods. The policy isn't final, as the legal order has not yet been drafted.

According to Corpay strategists, import duties are hurting financial markets overall. Moreover, all attempts to contact the US President have largely been unsuccessful.

The Canadian government is awaiting details about Trump’s decision to hike import taxes. Industry Minister Melanie Joly stated that authorities plan to challenge these new tariffs.