As the two nations approach a self-imposed deadline to strike a new trade agreement, US President Donald Trump has declared he will apply a 35% tax on Canadian exports with effect from August 1. Trump also threatened to impose 15% or 20% blanket tariffs on the majority of his trading partners in the letter, and he promised to promptly inform the European Union of a new tax rate on its goods.
In addition to the Trump administration’s worldwide steel, aluminium, and car tariffs, the US has already placed a one-time 25% duty on a number of Canadian items. Trump sent over 20 letters this week to US trading partners, including South Korea, Japan, and Sri Lanka.Trump has pledged to impose such duties on trading partners by August 1st, consistent with Canada’s letter.
Currently, items that conform with a North American free trade agreement are exempt from the 25% tax that the US has slapped on all Canadian imports. The current tariff threat may or may not affect items covered by the Canada-United States-Mexico Agreement (CUSMA), although this is unknown. Trump also put a 25% tariff on all vehicles and trucks that are not made in the United States, as well as a 50% worldwide duty on imports of steel and aluminium.
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