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.

Canadian Prime Minister Mark Carney says Canada will keep working toward a new trade framework with the United States despite U.S.

Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump’s trade agenda has affected the industry.

President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.

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.

Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.

After long insisting that Canada could avoid Trump tariffs through talks, Mark Carney now says that is unlikely for any nation.

Canadian Prime Minister Mark Carney reportedly said on Tuesday that it may not be possible for Canada to avoid U.S. tariffs. “There is not a lot of evidence right, with regards to negotiations, of any country or jurisdiction,