Donald Trump announced Thursday a new 35% tariff on goods imported from Canada, set to begin August 1. The move escalates trade tensions as both nations continue negotiations ahead of a July 21 economic deal deadline.
Trump’s letter to Canadian Prime Minister Mark Carney, posted on Truth Social, accused Canada of retaliatory tariffs and failing to stop fentanyl from entering the U.S. — despite data showing less than 1% of seized fentanyl last year came from Canada.
“There will be no Tariff if Canada, or companies within your Country, decide to build or manufacture product within the United States,” Trump wrote, adding any Canadian tariff increases would be met with further hikes.
Canadian officials responded that they will continue defending workers while negotiating under the revised August 1 deadline. The 35% tariff comes as part of a broader strategy; Trump told NBC News he intends to apply 15–20% tariffs to most trade partners globally.
The announcement rattled markets, with the S&P 500 dropping 0.6% in late trading Thursday, and the U.S. dollar gaining strength amid increased volatility concerns.
Sources:
Axios – MBFC Rating
NBC News – MBFC Rating
Congressional Research Service – MBFC Rating
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
