President Trump plans to increase tariffs on many imported goods from Canada to 35%, intensifying an ongoing rift between the U.S. and Canada. This change builds on a previous 25% tariff and aims to address issues like fentanyl smuggling, despite Canada being a relatively minor contributor to the problem. The new rates will take effect August 1, creating uncertainty in the global economy. In response, Canadian Prime Minister Mark Carney emphasized their commitment to trade negotiations and protecting Canadian workers against U.S. tariffs amidst investor concerns about the impact on the economy.
President Trump announced in a letter that tax rates on imported goods from Canada will rise to 35%, increasing tensions in the bilateral relationship between the two nations.
The tariffs were originally set at 25% and are intended to pressure Canada to take stricter action against fentanyl smuggling, despite Canada’s limited trafficking of the drug.
Canadian Prime Minister Mark Carney expressed determination to work toward a new trade framework with the U.S. while defending Canadian businesses against retaliatory tariffs.
The announcement has sparked concern among investors, as indicated by falling stock market futures, reflecting worries over potential economic repercussions.
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