President Trump announced a 10% increase in tariffs on Canadian goods after an Ontario government ad aired during the World Series.

It remains unclear which products will be affected. Most Canadian exports to the U.S. remain tariff-free under the USMCA, however, the U.S. administration has already imposed steep tariffs this year, 35% on non-USMCA goods and 50% on steel and aluminum. Prime Minister Carney stated that Canada is ready to resume trade discussions, though the U.S. administration has not confirmed any upcoming meetings.

No official details regarding the new tariffs have been released yet. We will continue to monitor developments and provide updates once official guidance is issued by the White House and U.S. Customs and Border Protection.