Trump announces 35% tariffs on Canada starting August 1st: "If you react, we'll raise them."

Mark Carney responds to Donald Trump's "letter" announcing 35% tariffs on Canadian imports to the United States starting August 1st. "During the ongoing trade negotiations with the United States, the Canadian government has stood firmly for our workers and businesses. We will continue to do so as we work toward the August 1st deadline," reads a post on X by the Canadian Prime Minister, responding to the US president's comments on the fentanyl dossier.

"Canada has made crucial progress in stopping the proliferation of fentanyl in North America," Carney said. "We are committed to continuing to work with the United States to save lives and protect communities in both our countries." In the message, Carney discussed the Canadian economy and added: "We are preparing to undertake a series of important new projects in the national interest. We are working to strengthen our business partnerships around the world."

Donald Trump intends to impose across-the-board tariffs of 15% or 20% on most trading partners. "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%," Trump said in an NBC interview shortly before announcing 35% tariffs on Canada.

Donald Trump is imposing 35% tariffs on Canada. This is what emerges from the letter published by the president on Social Truth . The tariffs will take effect on August 1st. The letter was published shortly after the NBC interview, in which the president announced that he would issue a letter on tariffs to Canada today.

"Beginning August 1, 2025, we will impose a 35% tariff on Canadian products shipped to the United States, separate from sectoral tariffs," reads the letter to Canadian Prime Minister Mark Carney. "If for any reason you decide to increase your tariff measures, then any amount you choose to do so will be added to the 35% we have imposed."

The US president once again accuses Canada of fentanyl. "I must say that the flow of fentanyl is not the only problem we have with Canada, which has numerous tariffs and non-tariff measures, policies, and trade barriers that cause unsustainable trade deficits with the United States," the tycoon states.

“We are working tirelessly to find an initial agreement with the United States, to keep tariffs as low as possible and to ensure the stability that businesses need, because we believe that tariffs are a loss for everyone, a tax on industry, on people.”

The EU's priority "is to stabilize the situation with the United States, but we're not naive either. We know that relations with the United States may never return to what they once were, and for this reason we are also working to strengthen and diversify our trade relations. Eighty percent of our trade is with partners other than the United States. And we already have the largest network of free trade agreements, agreements with 76 countries, and now, in a world plagued by global volatility, more and more countries are turning to Europe."

Commission President von der Leyen said this at the Confindustria/Medef forum, without providing specific information on the status of the EU-US negotiations on tariffs.

China has said that "arbitrary" tariffs, such as the 50% copper levy announced by U.S. President Donald Trump on national security grounds, "serve no one's interests."

"We have always opposed the excessive extension of the concept of national security," said Chinese Foreign Ministry spokeswoman Mao Ning. "We have also always believed that the arbitrary imposition of tariffs serves no one's interests," the same source said.

"We are working tirelessly to reach an initial agreement with the United States, to keep tariffs as low as possible, and to provide the stability businesses need. We believe tariffs are a loss for everyone. A tax on industry. A tax on people. But we are not naive either: we know that relations with the US may never return to what they once were," said EU Commission President Ursula von der Leyen at the seventh Franco-Italian Confindustria-Mefed Economic Forum in Rome. "We are working hard to strengthen and diversify our trade relations. 80% of our trade is with partners other than the US."

"From Mercosur to Mexico to Switzerland. We're working with India and Indonesia, the United Arab Emirates and Thailand, the Philippines and Malaysia, and the Pacific. Everyone wants to deal with us because they're looking for what we offer: we're reliable, we respect the rules, our industry offers the quality they need. And because doing business with Europe is good for them," von der Leyen emphasized.

"Over the past few months, I have listened to our businesses. And their message has been crystal clear. They need certainty and predictability in transatlantic trade. That's why our priority is to stabilize the situation with the United States," said European Commission President Ursula von der Leyen in her speech at the France-Italy Confindustria-Mefed Economic Forum. "They are our most important trading and investment partner, accounting for 20% of all our exports. That's around 3% of our GDP. And millions of jobs on both sides of the Atlantic depend on them. This is a point I emphasized in my recent phone call with President Trump. And it's crucial to our negotiations," she added.

Tensions between the United States and Brazil over tariffs are rising. The Brazilian government has returned to the U.S. Embassy a letter from U.S. President Donald Trump announcing 50% tariffs. Brazilian President Luiz Inácio Lula da Silva promised to reciprocate the move against the tariffs imposed by President Trump. Brazilian officials told Gabriel Escobari, the U.S. Embassy's charge d'affaires, that they rejected the letter because it was offensive and inaccurate. The New York Times reports. In a letter to Brazilian President Luiz Inácio Lula da Silva, Trump wrote that the new tariffs would take effect on August 1st and "Brazil's treatment of former President Bolsonaro, a leader highly respected around the world during his tenure, including by the United States, is an international disgrace." A few hours later, Lula declared that Brazil would reciprocate the "favor" by opposing the tariffs. "Brazil is a sovereign country with independent institutions that will not accept abuse by anyone," he said in a statement. He added that the case against Bolsonaro "is the sole responsibility of the Brazilian judiciary."

Brazil is considering countermeasures to the 50% tariffs announced by US President Donald Trump. "Any unilateral tariff increase will be evaluated in light of Brazil's law on economic reciprocity," President Luiz Inacio Lula da Silva wrote on X. "Sovereignty, respect, and the uncompromising defense of the interests of the Brazilian people are the values ​​that guide our relationship with the world," he added.

Brazilian President Luiz Inácio Lula da Silva called an emergency meeting after US President Donald Trump announced new 50% tariffs on Brazil, CNN Brazil reports. Finance Minister Fernando Haddad was already with the president when the announcement was made. Vice President Geraldo Alckmin, the Minister of Development, Industry, Trade, and Services, and Foreign Minister Mauro Vieira were also summoned. The new tariff will take effect on August 1.

Donald Trump has announced that a 50% tariff on copper imports will take effect on August 1. "I am announcing a 50% tariff on copper, effective August 1, 2025, after receiving a robust national security assessment," the US president wrote on his Truth Social platform, likely alluding to a Commerce Department investigation launched earlier this year.

Donald Trump has sent a new series of letters to six countries , announcing additional tariffs that will be applied to their products entering the United States. The six nations affected are: Algeria , Brunei , Iraq , Libya , Moldova , and the Philippines .

"Negotiations" with the United States "are the only solution, and I assure you that I will continue to the end to secure this agreement" on tariffs, "so that it is the best possible." This was stated by EU Trade Commissioner Maros Sefcovic during the plenary debate at the European Parliament. "These negotiations are not like the others. We are focusing on negotiated solutions and preparing for any scenario. It has been this way since day one. And, especially in delicate situations like these, I prefer good results to high-sounding declarations or sensational headlines," he emphasized.

"The goal is to reach an agreement that avoids destabilizing scenarios. A trade war, as we have said many times, is in no one's best interest." This was stated by Foreign Minister Antonio Tajani during Question Time in the Chamber of Deputies, speaking on the sensitive issue of tariffs between the European Union and the United States. The minister explained that he is engaged "in constant contact with other governments and the heads of the European Commission," along with Prime Minister Giorgia Meloni, to manage "a broad and complex negotiation" that also involves European Commissioner Maros Sefcvovic. Tajani reiterated that he has promoted "a pragmatic and dialoguing approach" with his European partners, "without ever renouncing firmness" and with "the utmost attention to the needs of our productive system." Faced with a "complex and rapidly evolving international context, also marked by the challenge of tariffs," the Foreign Minister called for the need to guarantee "certainty for our businesses to invest, export, and create jobs." And he relaunched his vision: "My dream is of a large free market, with zero tariffs between Italy, Europe, Canada, the United States, and Mexico."

"While other nations faced higher tariffs from the United States following President Trump's letters on Monday, our negotiations allowed the EU to avoid them: an extension of the status quo until August 1st was announced, giving us further time to reach a satisfactory conclusion and to continue refining our work. I hope to achieve satisfactory results, potentially even in the coming days," said Trade Commissioner Maros Sefcovic , speaking about the tariff negotiations in Parliament. "We have firmly set our stakes: our legislation and our European rules remain non-negotiable , and the Commission will continue to protect the EU's regulatory autonomy."

South Korea has proposed an "integrated package" to the United States to resolve the tariff issue, combining strictly trade issues with political-military ones. South Korean National Security Advisor Wi Sung-lac made the statement today, suggesting that a meeting between South Korean President Lee Jae-myung and US President Donald Trump could take place soon. Speaking to reporters at the end of a four-day visit to Washington, Wi, according to Yonhap news agency, said he had held "in-depth" discussions on trade negotiations and broader alliance issues in meetings with US Secretary of State Marco Rubio and other senior officials. While Wi was in the US, however, Trump sent a letter to Lee announcing that the United States would impose a 25% tariff on all South Korean imports starting August 1, effectively extending the initial deadline (which expired today) and granting more time for negotiations.

"Our position has been clear: we will be firm, but we prefer a negotiated solution, and that's why we are working closely with the US administration to reach an agreement," European Commission President Ursula von der Leyen said during a debate at the European Parliament plenary session in Strasbourg. "Earlier this week, I had a positive conversation with President Trump to help move things forward," she said. " We are looking for a clear framework from which to build further ," she added, briefing MEPs on the outcome of the European Council meeting on June 26. "The message is therefore clear: we stick to our principles, defend our interests, and continue to work in good faith, as well as preparing for all scenarios," she emphasized. The head of the EU executive insisted on the need to conclude "new agreements with Mercosur, Mexico, and Switzerland." "We will work to finalize the agreement with India by the end of the year, and others will follow, because the world is looking for partners it can count on," he emphasized. "Europe is that partner, and for us, it is a fundamental part of our foreign economic policy, of our competitiveness," he added. "We need to open up new opportunities and immense markets for European companies: this is a risky time for Europe," he emphasized.

"As far as I understand, we won't receive any letter, and that's all I can say about it for now," European Commission Trade Spokesperson Olof Gill said at the daily press briefing, responding to a question about whether the EU expects to receive a letter from Donald Trump on tariffs like those received from South Korea and Japan in recent days.

"I believe an agreement will be reached. We shouldn't be too worried, given that we've already launched a strategy that will allow our companies to export even to countries where we export little, such as Libya, Canada, Mexico, the Gulf countries, and Southeast Asia. The goal is to reach €700 billion in exports by the end of 2027. It won't be easy, but we will succeed." This was stated by Antonio Tajani, Minister of Foreign Affairs and International Cooperation, during the annual meeting of the Italian Banking Association (ANBI), speaking on the negotiations between the EU and the United States on tariffs. "We have until August 1st. I believe that in the end, common sense will prevail, because a trade war isn't even in the United States' interest, because American consumers would pay the cost of the tariffs. The general interest is to have a balanced situation. Trump's words yesterday also suggest we can move toward an agreement, and I have faith in Maros Sefcovic, an excellent negotiator," the minister added.

"I can confirm that European Trade Commissioner Maros Sefcovic had a phone call with US Commerce Secretary Howard Lutnick yesterday and will speak with US Trade Representative Jamieson Greer this afternoon," a European Commission spokesperson said.

"The EU is firmly committed to an agreement: the US has extended the deadline to August 1st, but we continue to work hard to reach an agreement in the coming days that benefits all parties. However, as we have always said, we are ready for any scenario. Sefcovic had a meeting with his counterparts yesterday," a European Commission spokesperson said.

Russian Foreign Ministry spokeswoman Maria Zakharova said Moscow is closely monitoring the development of US trade policy. "We are closely monitoring the United States' actions in the context of its trade policy," Zakharova said, also emphasizing that Russia is particularly attentive to the possibility of new tariffs against "our BRICS partners." Moscow is dissatisfied with Washington's trade practices, believing them to be activities that seriously violate free trade rules and pose risks to the global economy, Zakharova concluded.

Even with an agreement in principle on tariffs with the United States, "our position is clear: we are calling for a reduction in tariffs already in this transitional phase" and "the introduction of a clause freezing" the possible introduction of new measures by Donald Trump until the agreement is finalized.

Bernd Lange , Chairman of the European Parliament's International Trade Committee, said this at a press conference, emphasizing that "no commitment has yet arrived" from Washington on these two requests.

"The key issue is sectoral tariffs, which are severely impacting our industrial system. I see a glimmer of hope for a possible agreement on steel and automobiles," the German Socialist emphasized.

"Trump declared yesterday that the EU is treating the United States better," but "this is not a friendly negotiation," Lange continued, noting that "the formal letters" sent in recent days by the American president with the new wave of tariffs reserved for several countries "are not particularly diplomatic" and demonstrate a "relationship of power, not of partnership."

Tariff negotiations with the United States continue "day and night." The EU wants a negotiated solution, but is preparing for all scenarios and will remain firm in defending its interests and principles. This is "a time of risk, but also of opportunity for the EU to seize, to develop trade agreements with other economies around the world, which are looking for partners they can count on."

Commission President Ursula von der Leyen said this today in Strasbourg, during her speech in the plenary session of the European Parliament, in the debate on the outcome of the latest European Council.

German Chancellor Friedrich Merz said he was "cautiously optimistic" that an agreement with the US on tariffs could be reached "in the next few days, or by the end of the month." Speaking to the Bundestag, the Chancellor hoped for an agreement to be reached "as quickly as possible." This would be possible "only if European states cooperate closely with each other," he added. "Germany alone cannot achieve anything," he concluded.

"If we want to export our social and environmental standards, the way to do it is through trade agreements. Because tariffs don't spread standards. Trade agreements do. This is the message Europe should send to the world: while others raise barriers, we build bridges. So, let's go ahead and sign the agreement with Mercosur by the end of the year."

This was stated by the President of the European Council, Antonio Costa , in his speech at the plenary session of the European Parliament in Strasbourg.

Since February, the United States has imposed tariffs on 70% of total trade with the EU. The scale is unprecedented. Our position has been clear: we will stand firm. But we prefer a negotiated solution. We are working closely with the US administration to reach an agreement, and I had a productive exchange with President Trump earlier this week to help move things forward.

The President of the European Commission, Ursula von der Leyen , said this to the European Parliament.

"We are seeking a clear framework from which to continue building. We remain faithful to our two principles. We defend our interests. We continue to work in good faith. And we prepare for all scenarios," he added.

The trade deal with US President Donald Trump will leave the European Union with higher tariffs than those agreed by the United States with Great Britain.

The Financial Times reports that Brussels is ready to sign a "temporary framework agreement" that sets "reciprocal tariffs" at 10%, while talks on the substantial dossier are set to continue.

The EU, the City newspaper observes, "does not expect to gain the same access to the US market for British steel, cars and other products subject to sectoral tariffs."

Donald Trump postponed the implementation of reciprocal tariffs until August 1 after his advisers, including US Treasury Secretary Scott Bessent, pointed out that more trade deals could be secured with more time. The Wall Street Journal reported, citing sources who said the US president's advisers' pressure was related to the progress they were making in negotiations with India and the EU as the July 9 deadline approached.

Consumer prices in China returned to an annual increase in June, rising 0.1% (from -0.1% in May and against expectations of unchanged figures), ending a four-month decline amid Beijing's efforts to boost domestic demand. However, monthly prices fell 0.1% (from -0.2% in May), underscoring persistent deflationary pressures. Meanwhile, producer prices, the National Bureau of Statistics (NBS) reported their 33rd consecutive month of contraction: -3.6% (-3.3% in May and -3.2% expected), the worst pace since July 2023, driven by external risks and U.S. tariffs.