US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

Canada became the latest country to be slapped with increased tariffs by the Trump administration on Thursday. Starting August 1,

President Donald Trump has managed to make his erratic trade policies even more baffling to countries desperate to negotiate an escape from his wrath. Doubling down on his

US trading partners trying to navigate the final weeks of negotiations before President Donald Trump’s so-called reciprocal tariffs hit are facing a leader who has made clear he’s lost patience with talks.

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.

The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

European leaders had been trying to negotiate more favorable terms for months. They may retaliate with tariffs of their own.

Canadian Prime Minister Mark Carney says Canada will keep working toward a new trade framework with the United States despite U.S.

President Trump on Thursday threatened to impose 35% tariffs on goods from Canada starting next month, hiking import duties on one of the U.S.'s largest trading partners.

US stocks fell on Friday after President Donald Trump threatened a 35% tariff on Canada — a sharp escalation in an ongoing trade war. The Dow closed lower by 279 points, or 0.63%. The broader S&P 500 fell 0.

President Donald Trump said the U.S. will impose a 35% tariff on all Canadian goods from Aug. 1 and threatened a blanket 15 to 20% levy on most other nations.

Canada faces another set of tariffs in its ongoing trade talks with the U.S. However, in this latest round of tariff announcements, investors have learned to largely tune them out as negotiating bluster rather than policy commitments.