FX.co ★ Trump Slaps 35% Tariff on Canada, Plans Wider Trade Levies

In an announcement on Thursday, U.S. President Donald Trump declared his decision to impose a 35% tariff on Canadian imports, effective August 1. He cautioned that this rate might increase if Canada opts to retaliate. In a letter addressed to Canadian Prime Minister Mark Carney, which Trump shared on his social media, he indicated intentions to implement blanket tariffs ranging from 15% to 20% on most other trading partners. This initiative is part of an intensifying trade war strategy, with recent tariffs also imposed on allies like Japan and South Korea, along with a substantial 50% duty on copper imports. During an NBC News interview, Trump mentioned that not every country would receive prior notification: "Not everybody has to get a letter. You know that. We’re just setting our tariffs." He further stated, “We’re simply conveying that all remaining countries will face tariffs, whether it be 20% or 15%. We’re deciding that now.”