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The US will impose a tariff of 35 per cent on Canadian items from August 1, Donald Trump mentioned in a letter late on Thursday.
The US president individually informed NBC Information on Thursday that any international locations that had not obtained a letter from him setting out new tariff regimes would face so-called blanket tariffs of 15-20 per cent.
“We’re simply going to say all the remaining international locations are going to pay, whether or not it’s 20 per cent or 15 per cent. We’ll work that out now,” Trump informed NBC Information in a cellphone interview.
“I believe the tariffs have been very well-received. The inventory market hit a brand new excessive as we speak,” Trump added. The S&P 500 and Nasdaq each closed at all-time highs on Thursday.
The letter to Canada, one of many US’s greatest buying and selling companions, is available in per week wherein Trump has threatened tariffs on greater than 20 international locations together with levies of 200 per cent on prescription drugs. He additionally introduced tariffs of fifty per cent on copper imports.
Trump has given international locations till August 1 to avert his levies, pushing again the July 9 deadline this week when his “reciprocal” tariffs initially introduced in April have been set to be reapplied to international locations that had not reached a take care of the US.
The Canadian greenback dropped about 0.4 per cent towards its US counterpart after the announcement. US inventory index futures declined, with these monitoring the blue-chip S&P 500 index down 0.5 per cent.
Canadian Prime Minister Mark Carney earlier this month dropped a digital providers tax that had attracted Trump’s ire for concentrating on US know-how firms in a bid to clean over commerce tensions.
The three per cent levy on the income of the largest know-how firms was resulting from come into power on June 30.
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