Donald Trump has expressed his intention to impose a 35% tariff on imported goods from Canada, along with a potential 15 or 20% increase for most other countries.
In a letter addressed to Canadian Prime Minister Mark Carney, the US president emphasized concerns about various Tariff and Non-Tariff Policies and Trade Barriers in Canada, in addition to the issue of Fentanyl flow.
Mr Trump’s tariffs are believed to be aimed at pressuring Canada to address fentanyl smuggling and reducing the trade deficit with the US.
In response, Mr Carney stated: «Throughout the ongoing trade negotiations with the United States, the Canadian government has consistently defended our workers and businesses. We will continue to do so as we approach the revised deadline of August 1.»
He further mentioned: «Canada has made significant strides in combating the fentanyl epidemic in North America. We are dedicated to working with the United States to save lives and safeguard communities in both our nations.»
Mr Trump has issued tariff notices to 23 countries thus far, including a 50% tariff on Brazil, partly due to the trial of its former president Jair Bolsonaro for attempting to retain office after losing the 2022 election.
Mr Trump faced similar accusations for his attempts to contest his election defeat in 2020.
The increased tariffs are set to take effect on August 1.
Following the announcement of the «Liberation Day» tariffs on April 2, there was a significant sell-off in the financial markets. Subsequently, the US president declared a 90-day negotiation period, during which a 10% baseline tariff would be applied to most imported goods.
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During an interview with NBC News, a partner of Sky News, Mr Trump disclosed his plans to implement higher blanket tariffs on most US trade partners.
«We will apply a standard fee to all remaining countries, whether it is 20% or 15%. This will be determined soon,» he stated.
He also remarked: «I believe the tariffs have been positively received. The stock market reached a new peak today.»
In June, the US and UK finalized a trade agreement, with the US president describing it as «a fair deal for both sides» that will generate numerous job opportunities and income.
Sir Keir Starmer highlighted that the agreement «implements» the reduction of tariffs on automotive and aerospace industries, stating: «This is a momentous occasion for both countries – a true display of strength.»
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The US president hinted at an upcoming «major announcement» regarding Russia’s conflict with Ukraine.
«I am disheartened by Russia’s actions, but the upcoming weeks will reveal the course of events,» he remarked.
«I anticipate making a significant statement about Russia on Monday.»
As Russia’s deputy foreign minister, Sergei Ryabkov, mentioned the possibility of new talks between Moscow and Washington to address bilateral issues by the end of the summer.