A staffer works in a steel company that makes high-end automotive spring steel in Ma'anshan, East China's Anhui Province on June 24, 2025. Chinese companies are advancing their efforts in new quality productive forces, a new development paradigm, to improve total factor productivity. Photo: VCG

WASHINGTON — President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

The Commerce Department plans to impose a 93.5 percent levy on Chinese graphite, an essential ingredient in the batteries that power electric vehicles.

China's Ministry of Commerce (MOFCOM) said on Friday that China is strongly dissatisfied with and firmly opposes Canadian government's tightening of restrictions on steel imports. The remarks are made as comments after the Department of Finance Canada on July 16,

Investopedia is tracking the prices of toasters, tomatoes and toilet paper—our 3T Survey—for a snapshot of how tariffs are working their way through the economy.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.