🚨 BREAKING: U.S. Imposes 35% Tariffs on Canadian Imports Starting August
President Trump has instructed a sharp 35% tariff on most Canadian imports, up from the previous 25%, citing:
Treatment of fentanyl flow across the border
U.S.–Canada trade imbalance and alleged Canadian trade barriers
The increase excludes USMCA-covered goods and maintains carve-outs for energy and fertilizers—subject to final review
🌍 Immediate Market Reactions
Stock Indices: S&P 500 and TSX futures slipped, while the Dow dropped ~0.6% as investors absorbed trade risk
Currency Moves: Canadian dollar hit a two‑week low; U.S. dollar strengthened
Safe-Haven Assets: Gold edged up amid rising uncertainty
🔥 Trade War Flashpoint
This intensifies the ongoing U.S.–Canada “economic tug‑of‑war”, which began with 25% tariffs on March 4 and Canadian counter-tariffs
Canada rebuked the move, with PM Carney vowing to defend national interests and negotiate before the August deadline
💥 Crypto Angle
Interestingly, Bitcoin rallied, with institutional appetite growing amid the turbulence. Crypto markets see this as part of a broader macro shift—look for rising volatility and broader risk‑off flows
