YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
President Donald Trump on Thursday announced a 35% tariff on Canadian imports, starting Aug. 1, citing that Ottawa had retaliated with tariffs against Washington.
“Instead of working with the United States, Canada retaliated with its own Tariffs,” Trump said to Mark Carney, prime minister of Canada, in a letter posted on Truth Social.
He attributed fentanyl as a reason for the rate in the letter and said: “If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter.”
The 35% tariffs will be separate from all sectoral tariffs, Trump said, threatening that the duty might be increased, if Canada continues to retaliate.
Canadian imports currently face a 25% tariff that Trump imposed earlier this year over the country’s alleged role in the flow of fentanyl, with exemptions for those in compliance with the United States-Mexico-Canada Agreement. Energy resources from Canada are subject to a lower 10% levy.
Read more from CNBC.
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