U.S. President Donald Trump announced on Thursday that he will impose a 35% tariff on imports from Canada starting August 1, warning that it could rise further if Canada retaliates.
In a letter to Canadian Prime Minister Mark Carney, released on his social media platform, Trump also signaled plans to apply blanket tariffs of 15% to 20% on most other trade partners.
The move is part of a broader escalation in his trade war, with new tariffs already targeting allies such as Japan and South Korea, as well as a 50% levy on copper.
In an interview with NBC News, Trump said not all countries would receive warning letters: "Not everybody has to get a letter. You know that. We're just setting our tariffs." He added, "We're just going to say all of the remaining countries are going to pay, whether it's 20% or 15%. We'll work that out now."
Source: Trading Economics
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