President Trump announced a slew of tariffs on imports last week, with a proposed 35% tariff on Canadian goods, including in the automotive sector, which could deeply affect American drivers. Trump announced the tariffs on Truth Social with screenshots of a letter sent to Canada’s prime minister,

Trump this spring imposed a 25% tariff on cars and car parts, including those from Canada. But certain cars and parts qualify for preferential treatment under the USMCA, meaning the 25% tariff applies only to the non-U.S. content of the automobile or part.

Under the new policy, Canada will apply a 25 percent tariff on steel imports from any country — except the U.S. — if the original steel was melted and poured in China.

Provinces across Canada pulled American-made whiskey, vodka and other alcoholic drinks from their shelves earlier this year in response to tariffs. U.S. spirits companies are paying the price. From early March through the end of April,

Prepare for the 'year of tariffs' in 2025. Learn how escalating trade barriers and negotiations could impact markets and your investment strategies.

After long insisting that Canada could avoid Trump tariffs through talks, Mark Carney now says that is unlikely for any nation.

Prime Minister wouldn’t say which tariffs may remain in place if a deal is reached with the U.S. but emphasizes that the countries are working toward a trade agreement