Trump Steps Up Canada Trade Fight With 35% Tariff Threat

Intends to impose blanket tariffs of 15-20% on most trading partners

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United States (US) President Donald Trump threatened a 35 per cent 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 August 1, the president said.

The announced rate is an increase from the current 25 per cent tariff that's imposed on US imports from Canada that aren't shipped under the terms of the US-Mexico-Canada Agreement.