President Trump announces 35% tariff on Canada, starting August 1

Trade Policy Changes - US President considers raising universal baseline tariff from 10% to 15% or even 20% [4] - Potential doubling of the baseline tariff, impacting the cost of goods bought from abroad [4] - Initial postponement of major tariffs deadline suggested a potential softening of trade stance, but subsequent threats indicate otherwise [5] Canada Trade Relations - US President announces 35% tariffs on imports from Canada [1][2] - Canada is the second largest US trading partner and the largest buyer of American goods last year [2] - Exemptions for USMCA compliant goods and lower 10% tariff for energy imports may soften the impact [2] - The decision on tariffs is not final [3] Broadening Trade War - New tariff threats against Canada and Brazil [5] - Potential 50% tariff on copper and 200% tariff on pharmaceuticals [6] - A vast expansion of the trade war on multiple fronts is occurring [6]