On July 31, the White House announced that President Trump signed an executive order to raise tariffs on Canadian goods from 25% to 35%. These new tariffs will start tomorrow, August 1.
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The White House said the tariff increase is because Canada hasn't taken action and has been retaliating. They also mentioned the President thinks raising the tariff is the best way to deal with the current emergency.
The White House explained that this move is part of a series of recent tariff changes made by the Trump administration. They also signed an executive order to update how tariffs are applied to different countries. Countries listed in Appendix 1 will have specific rates, while all others will get a flat 10% tariff. Plus, if a country tries to dodge tariffs by shipping goods through a third location, those goods will face a hefty 40% tax on transshipment.
U.S. President Trump signed an order that tells other countries to put tariffs in place. The rates are different depending on the country, somewhere between 10% and 41%.
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Trump: Canada's stance on Palestine will not affect the reaching of tariff agreement
·On July 31 local time, President Trump said that Canada's position on Palestine won't change the deal on tariffs. He also mentioned that Canada needs to agree to a fair tariff rate. Trump added that he hasn't talked to Canadian Prime Minister Carney yet.
·The Canadian trade team is now in Washington, but officials aren't sharing much about what's going on. Trump’s comments suggest that the deal between the U.S. and Canada is still up in the air, and Canada hasn't finalised anything to stop the tariff increase.
·Canadian Prime Minister Carney said that if the West Bank government fulfills certain conditions, Canada plans to officially recognize the State of Palestine at the UN General Assembly in September.
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Trump's "reciprocal tariffs" challenged by U.S. federal court over legality
·A few judges on the U.S. federal appeals court are challenging whether President Trump had the legal right to use "reciprocal tariffs" under the International Emergency Economic Powers Act (IEEPA). They believe he went beyond what Congress allowed and didn't show that trade deficits really qualify as a "national emergency."
·Several states and companies filed the case, and the court previously decided that Trump went beyond his power. They plan to take the case to the Supreme Court.
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