New Tariff Rate for Canada & Copper Announced

President Trump announced on social media that a 50% tariff on copper will go into effect on August 1st.

Additionally, the president posted a copy of the letter sent to the Prime Minister of Canada regarding tariffs being imposed. The letter states that effective August 1st, the U.S. will charge Canada a tariff of 35% on Canadian products, separate from all sectoral tariffs. The president also stated in the letter that if Canada retaliates, the U.S. will add the amount onto the 35% tariffs already going into effect.

Previously, the president had posted on social media the letter sent to Brazil regarding the 50% reciprocal tariffs that will go into effect on August 1st. President Luiz Inácio Lula da Silva responded that if the 50% goes into effect in August, they will retaliate and match the 50%.

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