Following U.S. President Donald Trump’s decision to raise tariffs on Canadian goods to 35 percent, Prime Minister Mark Carney expressed disappointment. The Canadian government remains committed to the Canada-U.S.-Mexico Agreement, though some sectors, including lumber, steel, and automobiles, are heavily impacted. Trump cited Canada’s lack of cooperation on border security and retaliatory measures as justification for the increase. Despite ongoing negotiations, the situation raises concerns about the future of the Canadian economy.
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President Trump announced a 90-day pause on increasing tariffs on Mexican goods, avoiding the threatened escalation to 30%. This extension allows time for a trade deal to be negotiated. During this period, Mexico will maintain existing tariffs, including 25% on fentanyl and auto imports and 50% on metal commodities. Additionally, Mexico has agreed to eliminate several non-tariff trade barriers. The extension highlights the significance of Mexico as a trading partner and the relationship between Trump and President Sheinbaum.
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Brazilian President Luiz Inácio Lula da Silva announced that his government has been unsuccessful in its attempts to negotiate with the U.S. regarding the 50% tariff on Brazilian imports threatened by former U.S. President Donald Trump. Washington has seemingly ignored Brazil’s attempts to negotiate before the tariff’s expected implementation. Trump has directly linked the import tax to the ongoing trial of his ally, former Brazilian President Jair Bolsonaro, exacerbating tensions. Brazil has also raised concerns at the World Trade Organization, arguing that such tariffs violate the organization’s principles and disrupt global value chains.
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President Trump has increased his demands in trade talks with the European Union as the August 1 deadline approaches, according to sources familiar with the negotiations. Discussions have stalled, with the EU seeking a deal similar to the UK’s, which maintained a 10% tariff. Trump has expressed concern over the EU’s trade surplus with the U.S., while EU officials argue for a more balanced view including services and investments.
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On July 12, 2025, Mexican farmworker Jaime Alanis Garcia died after falling from a greenhouse roof during a federal immigration raid at Glass House Farms in California, prompting Mexico’s President to consider legal action against ICE. The raid, which occurred on July 10, 2025, resulted in 319 arrests and involved federal agents, National Guard troops, and military vehicles. Garcia, a 10-year employee, sustained fatal injuries, while the DHS claimed he was not being pursued when he fell. The incident has raised tensions between the two countries, especially as former President Trump threatens Mexico with 30% tariffs.
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US trade talks with Indonesia, currently at nearly $40 billion in 2024, show growing US exports and imports. Senior Indonesian officials confirmed they are preparing a joint statement regarding tariffs, following Trump’s threat of a 32% tariff rate and similar letters sent to other trading partners. Trump has stated that talks with India are moving in a similar direction and that a trade deal with Vietnam is nearly complete. The implementation of these tariffs would raise the US effective average tariff rates, potentially making it the highest since 1933.
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President Trump has once again threatened Canada with significant tariffs, this time a 35% levy on Canadian goods starting August 1st. This announcement, conveyed in a letter to Prime Minister Mark Carney, demanded Canada build or manufacture products in the U.S. The letter also referenced Canada’s retaliatory tariffs on American goods and accused Canada of contributing to the fentanyl crisis and causing unsustainable trade deficits. These threats follow a pattern of postponed tariff implementations, earning Trump the nickname “TACO” among Wall Street brokers.
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In a recent announcement, former President Trump declared he would impose a 35% tariff on imports from Canada starting next month, citing the opioid crisis as justification and threatening further increases if Canada retaliates. Simultaneously, Trump signaled a potential 15-20% blanket tariff on most trading partners, raising concerns for countries like Australia. This escalation has sparked a potential trade war with Brazil, where President da Silva threatened retaliatory tariffs if Trump follows through on increasing import taxes. These actions signal a broadening of Trump’s trade war tactics, potentially leveraging tariffs for political purposes.
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John Q. Hosedrinker