Overview

• The president published direct letters on Truth Social to Mark Carney, Ursula von der Leyen and Claudia Sheinbaum announcing the new duties.
• Tariff rates can be adjusted upward or downward based on partner cooperation on fentanyl interdiction, trade negotiations or retaliatory measures.
• Officials are considering exempting USMCA-covered Canadian goods from the 35% rate, applying it only to products already under a 25% levy.
• These moves follow earlier 2025 tariffs on steel, aluminum, autos and a 50% duty on Brazilian imports under the International Emergency Economic Powers Act.
• Canada, Mexico and the EU are intensifying negotiations with U.S. trade representatives ahead of the August 1 deadline to seek exemptions or reductions.