Trump announces a 35% tax on America’s No. 2 trading partner.

President Donald Trump late Thursday threatened a 35% tariff on goods imported from Canada, a dramatic escalation in an on-again, off-again trade war with America’s northern neighbor and one of its most important trading partners.

American President, Donald Trump, said on Thursday that the US would introduce a 35% tariff on goods being imported into the US from Canada starting from August 1. The move represents a major escalation of trade conflicts between two of North America’s largest and most closely linked economies.

Trump previously applied 25% tariffs to non-USMCA goods and the new rate, announced in a letter to Canadian Prime Minister Mark Carney and posted on social media, would mean that number rises to 35%, the official said. The U.S. and Canada had been involved in talks to lower tariffs ahead of a self-imposed July 21 deadline.

Trump is nearing the end of a self-imposed 90-day deadline to strike deals with nearly every U.S. trading partner as he works to reorder global trade by giving America a competitive advantage through tariffs on foreign goods. Trump now says that the deadline could be extended past July 9 or even accelerated.

Trump threatens 35% tariff on Canadian goods and says he may double what other nations are charged - Trump is playing hardball with countries yet to make new trade deals

U.S. President Donald Trump’s tariff letters show that tariffs — to protect domestic industries and to raise revenue for a deeply indebted government — are the way forward. The U.S. is moving toward more managed trade via quotas and other measures.

To Donald Trump, the rallying stock market is evidence that Wall Street likes tariffs. But investors say they’re just counting on the US president to back down.