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The United States will be implementing a 35% tariff on Canadian goods starting from August 1, as stated in a letter by President Donald Trump on Thursday night.
In a separate interview with NBC News, President Trump mentioned that countries not receiving a letter from him outlining new tariff regulations would face blanket tariffs ranging from 15-20%.
“We will apply tariffs to all remaining countries, whether it’s 20% or 15%. The details will be worked out soon,” Trump shared in the phone interview with NBC News.
Trump also expressed his satisfaction with the tariffs, stating, “I believe the tariffs have been well-received. The stock market reached a new high today.” The S&P 500 and Nasdaq closed at record highs on Thursday.
The letter to Canada, a major trading partner of the US, comes amidst a week where Trump has threatened tariffs on over 20 countries and announced a 200% tariff on pharmaceuticals along with a 50% tariff on copper imports.
Countries have until August 1 to avoid these tariffs, as Trump extended the deadline from July 9 when the “reciprocal” tariffs were initially set to be reinstated on countries without agreements with the US.
Following the announcement, the Canadian dollar fell approximately 0.4% against the US dollar, and US stock index futures saw a decline, with S&P 500 futures down by 0.5%.
Canadian Prime Minister Mark Carney recently withdrew a digital services tax that had drawn criticism from Trump for targeting US tech companies in an effort to ease trade tensions.
The 3% tax on the revenue of major tech firms was scheduled to take effect on June 30.
This story is still developing