Canadian Goods To Be Subject To 35% Tariffs August 1

President Donald Trump has announced in a letter on social media that Canadian goods will be subject to a 35% tariff rate starting Aug. 1. It marks an aggressive increase to the 25% tariff first announced by Trump in February. Trump justified the tariffs as necessary to manage America’s opioid crisis, which he said was partially due to fentanyl being smuggled into the U.S. via Canada. Trump closed the letter by suggesting if Canada assists the U.S. in preventing fentanyl from entering the country, then he would “perhaps” consider adjusting the tariff rates.