Trump Announces 35% Tariff on Canadian Imports

President Donald Trump has announced a 35% tariff on Canadian imports to the United States, effective August 1, 2025, citing Canadian retaliatory actions and fentanyl trafficking concerns. Trump has communicated this policy directly to Canadian Prime Minister Mark Carney and warned that any Canadian countermeasures will result in further tariff increases. He is also threatening blanket tariffs of 15-20% on most remaining U.S. trade partners as part of a broader trade agenda targeting countries including Brazil, Japan, and South Korea. Exemptions for goods under the USMCA remain unclear. Canadian leaders have rejected Trump's claims and suggestions of annexation. The announcement has led to market reactions, such as rising copper futures, while international responses, particularly from BRICS nations, have been cautious.