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.

Canada supplies significant amounts of America's oil and $412 billion in goods annually. Trump's escalating trade war means your gas tank and grocery cart are about to get much more expensive.

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.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

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

The threatened tariff was the latest in Trump’s on-and-off tax on imports from around the world. But among the three largest U.S. trading partners, Trump reached a framework for talks with China and still doesn’t have agreements with Canada or Mexico.

Prime Minister Mark Carney has announced new limits on steel imports, as Canada moves to shield its domestic industry from steep US tariffs imposed by President Donald Trump

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.

Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump’s trade agenda has affected the industry.

Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.