Trump announces tariffs of 30% on Mexico and EU
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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.
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.
The country’s new prime minister, Mark Carney, has been called the “Trump whisperer,” and negotiations have been cordial and professional. But it’s been a wild ride.
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