President Donald Trump continued his aggressive tariff agenda, releasing another letter to world leaders that includes new tariffs on imported goods starting in August, as well as a special warning to BRICS nations.
On Friday, Trump announced a 35% tariff on Canadian goods via Truth Social, claiming that Canada had “retaliated through financial means” against previous tariffs. He warned that any retaliation would be added to the tariffs scheduled to begin on August 1.
Trump did not clarify whether existing tariff exemptions for goods that comply with the USMCA agreement would continue after August.
In an interview with NBC News published Thursday night, Trump also proposed a blanket tariff of 15% to 20% on most trading partners, higher than the 10% rate currently in effect.
The move capped a tense week in which Trump sent more than 20 letters to major trading partners, setting tariffs ranging from 20% to 40%, with Brazil the main target as Trump imposed a 50% tariff, a move that has also stoked domestic political tensions in the country. Brazilian President Luiz Inacio Lula da Silva has insisted that his country can survive without trade with the US and will seek new trading partners.
China warned Trump on Tuesday not to restart a trade war, and said it would take action against any country that cooperates with the US to exclude China from global supply chains.
Trump also stoked uncertainty in metals markets by confirming a 50% tariff on copper imports starting August 1, in line with tariffs on steel and aluminium. The tariffs also include materials used in power grids, the military and data centres, according to a Bloomberg report.
