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.

Top American steel producers are charging more for their products due to tariffs, which economists say is a natural effect that squeezes buyers and that Canada should avoid.

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.

U.S. automakers worry that President Donald Trump’s agreement to tariff Japanese vehicles at 15% would put them at a competitive disadvantage, saying they will face steeper import taxes on steel, aluminum and parts than their competitors,

Trump recently said he will impose a 35% tariff on Canada, the latest salvo in his on-again, off-again trade war with the U.S. ally and top trade partner.

In a letter released on his social media platform, Donald Trump told Canadian Prime Minister Mark Carney the new rate would go into effect on August 1 and would go up if Canada retaliated.

President Donald Trump said the U.S. will impose a 35% tariff on all Canadian goods from Aug. 1 and threatened a blanket 15 to 20% levy on most other nations.

President Donald Trump published a letter to Prime Minister Mark Carney on Thursday, accusing Canada of having "financially retaliated" against the U.S.

Canada's retail sales shrank by 1.1% in May as consumers curtailed car purchases and spent less at supermarkets, convenience stores and on alcohol, data showed on Thursday.

The delay between Trump’s decision to impose high import taxes in the spring, and the onset of induced inflation in June, was widely predicted. After Trump’s election, many US companies went on a buying spree,