Overview

• President Trump posted letters on Truth Social threatening 35% duties on non-USMCA Canadian goods and 30% on imports from Mexico and the EU effective August 1, while USMCA-covered products remain exempt
• More than 20 other nations received warnings of 20–50% reciprocal tariffs with no promise of further deadline extensions beyond August 1
• In his letter to Canada, Trump invoked the “national fentanyl crisis” as leverage and cited migration and trade-deficit concerns in messages to Mexico and EU leaders
• After pausing an April 2 baseline tariff announcement for 90 days, the administration pushed its reciprocal tariff deadline to August 1 following limited success in securing new trade pacts
• Economists caution that sudden, unilateral levies risk higher inflation, supply-chain disruptions and retaliatory measures from targeted trading partners