On August 1, the US will impose a new 35 percent tariff on most Canadian goods, increasing from a previous 25 percent. This decision follows Canada's agreement to withdraw its planned digital services tax, which President Trump viewed as an attack on the US. Despite this concession, the tariff will still be implemented. Canada, which has a trade surplus with the US, exported $412.7 billion worth of goods to the US in 2024 while importing $349.4 billion in return.
Starting August 1, the United States will implement a new 35 percent import tariff on most Canadian goods, despite Canada agreeing to rescind its digital services tax.
Trade talks with Canada have been jeopardized by Trump's threats over a new digital services tax that would financially impact US technology companies, prompting Canada to withdraw the tax.
Despite Canada retracting its digital services tax, Trump announced a tariff increase from 25 percent to 35 percent, indicating further retaliation if Canada imposes its own tariffs.
In 2024, Canada purchased $349.4 billion in goods from the US while exporting $412.7 billion, resulting in a $63.3 billion trade surplus for Canada.
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