WASHINGTON DC: US President Donald Trump has increased the tariff on Canadian goods from 25% to 35% through a new executive order, which takes effect at midnight.
Just hours before a deadline to finalize trade agreements, the White House also announced fresh tariffs targeting dozens of other countries, set to begin in seven days, according to BBC.
Earlier, Trump extended the suspension of higher tariffs on Mexico for an additional 90 days.
The tariff plan was first unveiled in April, causing significant disruption in the global economy. However, Trump delayed its implementation to allow time for trade negotiations.
Since then, the UK and the EU have successfully reached trade agreements with the US, along with several other nations.
These tariffs require companies importing foreign goods into the US to pay taxes to the government, and experts warn that these costs could be passed on to consumers.
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