Trump raises tariffs on Canada from 25% to 35%

According to Golden Finance, the White House announced that US President Trump signed an executive order on Thursday to increase tariffs on all Canadian goods not covered by the USMCA agreement from 25% to 35%. According to a White House briefing, goods transported to another country to evade new tariffs will be subject to a 40% transit tax. The White House stated that the increase in tariffs is the result of Canada's "continued inaction and retaliation". Previously, Trump told reporters that Canadian Prime Minister Carney had proactively contacted before the August 1st tariff deadline, but there was no dialogue between the two. US Commerce Secretary Lutnik previously stated that if Carney "begins to adopt a more friendly attitude and stops retaliatory actions," Trump may reconsider tariff policies. (Golden Ten)