President Trump posted on social media late yesterday a letter to Canada advising of a 35% tariff, effective August 1 at 12:01 a.m. EST.
Currently, Canada is not subject to IEEPA reciprocal tariffs, only to IEEPA fentanyl tariffs when USMCA is not applied.
We expect this announcement to lead to further discussions and negotiations. The letter itself also notes that there is room for negotiation and possible adjustment to the rate and its terms.
We will continue to monitor the situation closely and keep everyone updated as final rates are confirmed.
The letter can be viewed here: https://truthsocial.com/@realDonaldTrump/posts/114831716625825473