President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.
The tariff level on Canada would take effect from Aug. 1, the president said. The announced rate is an increase from the current 25% tariff that’s imposed on US imports from Canada that aren’t shipped under the terms of the US-Mexico-Canada Agreement.
“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Canadian Prime Minister Mark Carney, posted on social media Thursday.
Bloomberg’s Nathan Dean reports.
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