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Trump is also eyeing blanket tariffs of 15% to 20% on most trading partners, he said in an interview with NBC News Thursday, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%.

Taken together, the moves signal no retreat from his flagship economic policy, with Trump noting to NBC the recent rise in US equity markets even as Trump plans higher tariff rates on major trading partners that would start within weeks. 

The president has spent the week sending missives to trading partners, informing them of new rates that will kick in on Aug. 1 if they cannot negotiate better terms. Letters to members of the European Union are also expected shortly. 

—With assistance from John Harney.

©2025 Bloomberg L.P.

(Bloomberg) — President Donald Trump will levy a 35% tariff on goods coming into the US from Canada, he said in a post on Truth Social. The tariff level would take effect from Aug. 1.

It’s not clear whether a current exemption for goods traded under the USMCA trade pact would be extended or ended.

Trump is also eyeing blanket tariffs of 15% to 20% on most trading partners, he said in an interview with NBC News Thursday, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%.

Taken together, the moves signal no retreat from his flagship economic policy, with Trump noting to NBC the recent rise in US equity markets even as Trump plans higher tariff rates on major trading partners that would start within weeks. 

The president has spent the week sending missives to trading partners, informing them of new rates that will kick in on Aug. 1 if they cannot negotiate better terms. Letters to members of the European Union are also expected shortly. 

—With assistance from John Harney.

©2025 Bloomberg L.P.