Trump's announcement: "Canada will face a 35% tariff. The European Union will also receive the letter today."

NEW YORK - The letter with the unpaid duties will also be sent to Brussels today. President Trump announced the news in an interview with NBC and on social media. However, the collection of the tariffs will begin on August 1st, leaving another three weeks to negotiate a mutually agreed-upon solution.

Trump has decided to impose 35% tariffs on Canada, because he believes it hasn't acted honestly and cooperatively. He added that he intends to impose across-the-board tariffs of 15% or 20% on most trading partners that haven't yet negotiated an agreement: "We're simply going to say that all the remaining countries, those who haven't received the tariff letters, will pay, whether it's 15% or 20%."

The news that concerns us most, however, is the announcement today that the president intends to send the letter to the European Union as well, which has so far been spared because negotiations are ongoing and, according to Treasury Secretary Bessent, are making progress. This, however, doesn't mean an agreement can't yet be reached. Indeed, it could be a tactic to increase pressure so as to reach an agreement by August 1st, when the collection of tariffs would begin.

Trump also revealed that he would make a "major statement" on Russia on Monday. Yesterday, Foreign Minister Lavrov presented Secretary of State Rubio with a new proposal for negotiations with Ukraine, but the White House chief was considering imposing secondary sanctions on Moscow.