Canada will be its own best customer, says Carney, after Trump imposes new tariffs on dozens of countries
Date: 2025-08-01T11:10:17.000Z
Title: Opening summary
Content: Good morning and welcome to our rolling coverage of US politics as Donald Trump has signed an executive order ranging from 10% to 41% on imports from dozens of trade partners in his latest attempt to reshape the global economy.
The order applies to 68 countries and the 27-member European Union. Rates were set at 25% for India's US-bound exports, 20% for Taiwan, 19% for Thailand and 15% for South Korea.
It includes an executive order to increase tariffs on Canadian goods imported to the US from 25% to 35%. He cited Canada's failure to curb fentanyl smuggling across the border as a reason for why.
Canadian prime minister Mark Carney said in a statement that he is 'disappointed' by the announcement, then said Canada accounts for just 1% of US fentanyl imports. Carney also said that Canada remains committed to the US-Mexico-Canada Agreement.
He closed the statement by saying that Canadians will be their 'own best customer'. 'We can give ourselves more than any foreign government can ever take away by building with Canadian workers and by using Canadian resources to benefit all Canadians,' it reads.
We'll be bringing you all the developments on this story today. In other news:
World stock rates have fallen. Germany's DAX index has dropped by 1.1% at the start of trading in Frankfurt, while France's CAC fell by almost 1% and Spain's IBEX lost 0.6% – even though Europe reached a trade deal with the US at the start of this week.
Historian Rashid Khalidi has cancelled plans to teach this fall at Columbia University in response to the school's recent agreement with the Trump administration.
A federal judge has ruled against the Trump administration's plans and extended temporary protected status (TPS) for 60,000 people from Central America and Asia, including people from Nepal, Honduras and Nicaragua.
The US dollar has hit its highest level in two months against a basket of currencies today. The dollar index has risen by 0.1%, on track for its seventh daily rise in a row.
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