Canada, Donald Trump and tariffs
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Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be
President Donald Trump said the U.S. will increase its tariff rate on Canadian goods to 35% starting next month.In a letter to Canada’s Prime Minister Mark Carney posted on Trump’s Truth Social account late Thursday,
Trump this spring imposed a 25% tariff on cars and car parts, including those from Canada. But certain cars and parts qualify for preferential treatment under the USMCA, meaning the 25% tariff applies only to the non-U.S. content of the automobile or part.
The letter reiterated Trump’s complaints about dairy quotas, fentanyl and the U.S. trade deficit, which is mostly fueled by American refineries’ thirst for Canadian oil. His social media post caused the Canadian dollar to immediately tumble, indicating the market wasn’t expecting this escalation.
The dollar edged up across the board on Friday as U.S. President Donald Trump's ramped-up tariffs on Canada and other trading partners sparked a flight to safety. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.
6hon MSN
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