U.S. President Donald Trump announced a high 35% tax on Canadian imports that would go into force next month, further intensifying his tariff campaign against Canada. Additionally, by imposing broad tariffs, ranging from 15% to 20%, on goods from the majority of other international partners, he indicated plans to expand the trade offensive.

Trump made the decision in a statement posted on his social media accounts, in which he spoke directly to Canadian Prime Minister Mark Carney. The letter states that the increased tariff rate will take effect on August 1 and may increase further if Canada decides to react.

"Not everybody has to get a letter. You know that. We’re just setting our tariffs," Trump said in the interview.

Prime Minister Mark Carney reiterated his administration's resolve to support Canadian companies and people as negotiations with the United States heat up in the lead-up to the impending tariff deadline in a late-night post on X Thursday. He wrote, "We will not back down," indicating a defiant stance in the face of escalating trade tensions.

Carney's attempts to negotiate a new trade deal with Washington have been severely hampered by the planned 35% tax, which represents a dramatic increase from the 25% levy that Trump previously imposed.

10% tariffs on energy and fertilizer are certain to remain unchanged, while goods already protected by the United States-Mexico-Canada Agreement (USMCA) are anticipated to continue to be exempt. On those particular steps, Trump has not yet made a final decision, according to a senior administration official.

"If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter," Trump wrote.

Trump blasted unfair trade practices, including tariff and non-tariff barriers, in his letter, saying that they were hurting American dairy producers and other industries. He also blasted what he called an increase in fentanyl entering the U.S. from Canada. He presented the growing trade deficit as a direct threat to American national security and the economy, rather than merely an economic imbalance.

However, Canadian authorities resisted, claiming that very little fentanyl can be linked to Canadian origins. However, they pointed out that measures to strengthen border controls and enforce them more strictly have already been implemented.

Trump has expanded his trade offensive by imposing new tariffs on a number of countries, including longtime allies South Korea and Japan, and announcing a high 50% charge on copper imports.

Global markets were rocked by the most recent action. As traders braced for Trump's next move—the predicted tariff rate targeting the European Union—U.S. and European market futures fell during Friday's Asian trading hours, indicating tense investor concerns.

“We're just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now,” Trump was quoted as saying by the network.

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