Trump signed an order raising tariff rate on Canada to 35%, from 25%, set to go into effect on August 1.
- White House clarifies that “Goods qualifying for preferential tariff treatment under the United States-Mexico-Canada Agreement (USMCA) continue to remain not subject to the IEEPA Canada tariffs.”
Heads up on this was earlier:
- Trump on Canada 35% tariff “Didn’t like what Canada did on Palestinian state recognition”
- Prior to Trump US Com Sec Lutnick said 35% Canada tariff “surely in the cards”
White House:
- Trump signed an executive order modifying reciprocal tariff rates for certain countries
- Trump administration will continue to use all available tools to protect national security
- Trump has determined that it is necessary and appropriate to modify the reciprocal tariff rates for certain countries
- Says countries listed in Annex I of the executive order will be subject to the tariff specified therein
- Says countries not listed in Annex I will be subject to a 10% tariff
- Goods transshipped to evade 35% tariff on Canada will be subject, instead, to a transshipment tariff of 40%
This article was written by Eamonn Sheridan at investinglive.com.