US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.

The world's second largest economy grew by 5.2% in the three months to the end of June, official figures show.

Lutnick flagged that more trade deals are on the way, and that the president was prepared to complete several deals ahead of the July 9 deadline.

In a letter released on his social media platform, Donald Trump told Canadian Prime Minister Mark Carney the new rate would go into effect on August 1 and would go up if Canada retaliated.

Discover 11 foods likely to cost more soon due to new tariffs, including coffee, beef, cheese, and wine. Here’s what shoppers need to know.

President Donald Trump's series of tariff decisions have created a whirlwind of changes in international trade, affecting economies globally. The timeline of actions, from imposing high tariffs on imports from countries like China,

The threatened tariff was the latest in Trump’s on-and-off tax on imports from around the world. But among the three largest U.S. trading partners, Trump reached a framework for talks with China and still doesn’t have agreements with Canada or Mexico.

It further explained that China, Canada, and Mexico are the leading exporters to the US in these categories, therefore higher tariffs on these countries at 30 per cent, 35 per cent, and 25 per cent, respectively, will enhance India's competitiveness.

China's economy slowed slightly in the last quarter as President Donald Trump’s trade war escalated, but it still expanded at a robust 5.2% pace, the government said Tuesday. That compares with 5.4% annual growth in January-March.