Canada, Trump and tariff
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President Donald Trump said the U.S. will increase its tariff rate on Canadian goods to 35% starting next month.In a letter to Canada’s Prime Minister Mark Carney posted on Trump’s Truth Social account late Thursday,
Trump this spring imposed a 25% tariff on cars and car parts, including those from Canada. But certain cars and parts qualify for preferential treatment under the USMCA, meaning the 25% tariff applies only to the non-U.S. content of the automobile or part.
The letter reiterated Trump’s complaints about dairy quotas, fentanyl and the U.S. trade deficit, which is mostly fueled by American refineries’ thirst for Canadian oil. His social media post caused the Canadian dollar to immediately tumble, indicating the market wasn’t expecting this escalation.
El presidente Donald Trump amenazó con imponer un arancel del 35% a algunos productos canadienses y planteó la posibilidad de aumentar los gravámenes a la mayoría de los demás países, intensificando su retórica comercial en unos comentarios que lastraron las bolsas e impulsaron el dólar estadounidense.
Latest news and live updates as Marco Rubio meets with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.
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President Donald Trump has announced in a letter on social media that Canadian goods will be subject to a 35% tariff rate starting Aug. 1