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Time of India

Trump's 35% tariff on Canada: Here's what will get more expensive for Americans — and what won't

Donald Trump intends to impose a 35% tariff on Canadian goods. The move raises concerns, but some exceptions exist. Products under the US-Mexico-Canada Agreement will likely remain exempt. Energy products like crude oil and potash may also be excluded. The tariff modifications depend on the relationship with Canada. The new tariff is planned to be implemented on August 1. Tired of too many ads? Remove Ads Will all Canadian products be affected by this new tariff? Are USMCA-covered goods exempt from the tariff? Tired of too many ads? Remove Ads Will energy products like crude oil be taxed higher? What did Donald Trump say in his message to Canada? FAQs US president Donald Trump revealed his plans of imposing a 35% tariff on Canadian goods on late Thursday, as per a report. While the move triggered concerns across industries and among consumers already dealing with high prices, the news also came with some important exceptions that may soften the blow, according to Yahoo everything from Canada will be hit with the same tariff rate, and in fact, many of the most essential imports Americans rely on may be left untouched, as per the new tariff, if implemented on August 1 as planned, would raise duties on some Canadian goods from 25% to 35%, as reported by Yahoo Finance. But according to guidance shared Friday morning by the White House, not all imports will see this increase, as per the READ: Delta Airlines' shocking AI upgrade: It could soon set ticket prices based on what you can afford Products that are covered by the US-Mexico-Canada Agreement (USMCA) are expected to remain exempt from Trump's new tariff rate, according to Yahoo Finance. The agreement, signed in 2020, already provides tariff-free treatment for many goods that make up around 40% of imports from Canada, as per the report. Even energy products like crude oil and potash, a potassium-rich fertilizer used heavily by American farmers, are also likely to be excluded, these currently face a 10% duty and are considered strategically important, reported Yahoo is important for the US because Americans not only consume Canadian oil, but American refiners also often mix crude oil from Canada with American crude oil, which has led to fears that a cutoff would create a ripple effect on US production, as reported by Yahoo Finance. The condition is the same with fertilizers as well, because many agricultural states are highly dependent on the potassium-based potash that comes in from Canada to grow their crops, according to the Yahoo Finance READ: AeroVironment and Kratos share prices surge over 10% after Pentagon's surprise drone buying spree However, Trump's latest letter, which was sent to Canada, ended with a line that has ended all letters this week: "These Tariffs may be modified, upward or downward, depending on our relationship with your Country," as quoted in the he's planning to raise tariffs on some Canadian imports from 25% to 35%, starting August 1, but not everything is included, as per the Yahoo Finance necessarily. Many essential goods like oil and fertilizers may be left out, so the impact might not be as widespread, as per the Yahoo Finance report.