Latest on Trump's tariffs against Mexico, EU
Digest more
Canada became the latest country to be slapped with increased tariffs by the Trump administration on Thursday. Starting August 1,
Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.
In a letter released on his social media platform, Donald Trump told Canadian Prime Minister Mark Carney the new rate would go into effect on August 1 and would go up if Canada retaliated.
U.S. President Donald Trump announced plans to impose new 30% tariffs on Mexico and the European Union effective from Aug. 1, launching the latest salvo in his ongoing trade war.
President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.
The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.
On Thursday, the president announced a 35 percent tariff on all Canadian goods not covered by the United States-Mexico-Canada Agreement (USMCA) to take effect on August 1, unless a trade deal is reached before then.
Trump’s move deepens a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.