Trump tariffs live updates: Canada struck with 35% tariffs, Trump floats higher blanket rates
President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.
In a letter posted to Truth Social late on Thursday, Trump has announced a broad 35% tariff on Canadian goods, claiming that the US's northern neighbor had "financially retaliated" to the duties announced earlier in the year. Trump doubled down on the economic threats by saying that any fiscal retort from Canada will be tacked onto the 35% set to take effect Aug. 1.
Trump did not indicate whether a current tariff exclusion for USMCA-compliant goods would continue to apply post-August.
In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.
Looking back across a busy week, Trump levied a 50% tariff on goods from Brazil, citing its treatment of former President Jair Bolsonaro, now on trial in Brazil’s Supreme Court on charges that he plotted a coup in 2022. It came as part of a barrage throughout the week, with Trump setting tariff rates of 20% to 40% on over 20 trade partners.
Meanwhile, Trump injected fresh uncertainty into the metal market this week, confirming 50% copper import tariffs from Aug. 1 to match steel and aluminum. He also suggested a 200% pharmaceuticals tariff down the line.
Elsewhere, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.
Here is where things stand with various other partners:
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Vietnam: A deal with Vietnam will see the country's imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China.
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European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.
Read more: What Trump's tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE 1403 updates- Today at 1:43 AM UTC Rian Howlett
Trump goes on Carney offensive with 35% tariffs on all Canadian imports
President Trump has sent a letter to Canadian Prime Minister Mark Carney announcing broad 35% tariffs on all imports from the country.
Citing issues with Fentanyl crossing the northern border as a chief reason for the establishment of these tariffs, despite Fentanyl seizures on the Canadian border making up less than 1% of the amount discovered entering the country, according to the BBC.
Additionally, Trump referenced a "Trade Deficit" between the neighbouring countries and "fiscal retaliation" from tariffs set earlier in the year. Trump also pointed to duties charged on American dairy imports as a matter of National Security.
The letter in full below:
Thu, July 10, 2025 at 10:50 PM UTC Jenny McCall Copper traders look to Chinese buyers in post Trump-tariff world
Global copper traders are now shifting from the US and offering cargoes of copper to Chinese buyers as they look to offload metal no longer able to reach the US before President Trump's 50% tariff deadline kicks in.
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 6:00 PM UTC Jenny McCall
Trump copper tariffs could help Antofagasta's stalled US project: CEO
For one company, President Trump's tariffs might not be such a bad thing. Chilean copper miner Antofagasta (ANFGF) said on Thursday that it sees an opportunity for its stalled copper project in the United States following the Trump administration's move to impose 50% import tariffs on the metal, CEO Ivan Arriagada said on Thursday.
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 4:00 PM UTC Jenny McCall
Trump’s Brazil tariffs gift Lula surprise tailwind for 2026 vote
For months, Brazil flew under President Trump's tariff radar, but in recent weeks, Trump has posted on Truth Social about the treatment of former Brazilian President and ally Jair Bolsonaro.
Brazil avoided Trump's tariffs until Wednesday, when Trump threatened to slap 50% tariffs on Brazil imports into the US. Now in the spotlight, could President Luiz Inacio Lula da Silva benefit from the attention?
Bloomberg News reports:
Read more here.
- Thu, July 10, 2025 at 3:59 PM UTC Jenny McCall
Brazil scrambles to respond to Trump's 50% tariffs
Reports out of Brazil have said the country scrambled to respond to President Trump's announcement of 50% tariffs on Brazilian exports.
The government was caught on the hop with President Luiz Inacio Lula da Silva bringing together an urgent cabinet meeting on Thursday as officials worked to de-escalate the crisis.
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 3:45 PM UTC Jenny McCall
US coffee, orange juice prices could surge if Trump's Brazil tariffs stick
US consumers will soon face a sharp rise in food staples like coffee and orange juice if the Trump administration sticks to its 50% tariffs on all imports from Brazil, according to a statement from traders and experts on Thursday.
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 2:46 PM UTC Jenny McCall
Conagra says tariff costs will hit annual profit
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 1:00 PM UTC Jenny McCall
German exporters don't want US trade deal 'at any price': Trade group
German exporters have come out fighting against President Trump and said they won't settle for just any trade deal with the US.
Dirk Jandura, head of the BGA trade lobby said they want a "fair deal" for the whole of Europe.
Reuters reports:
Read more here.
- Thu, July 10, 2025 at 11:38 AM UTC Jenny McCall
Coffee prices climb after Donald Trump threatens 50% tariffs on Brazil
Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge.
The FT reports
Read more here.
- Thu, July 10, 2025 at 11:21 AM UTC Jenny McCall
Hasbro’s CEO: Toy prices could start to rise in the fall because of tariffs
Trouble may be on the horizon for US toymakers as Hasbro (HAS) CEO Chris Cooks said toy prices will likely rise later this year, especially if higher tariffs take effect.
CNN reports:
Read more here.
- Thu, July 10, 2025 at 11:06 AM UTC Jenny McCall
Trump promised 200 deals by now. He’s gotten 3, and 1 more is getting very close
President Trump made a statement as his first 100 days in office came to a close in late April, he said he had completed trade deals with 200 countries. Two months on and Trump has announced just three of those agreements, which include a trade truce and framework with China and deals with the UK and Vietnam.
So what happened?
CNN reports:
Read more here.
- Thu, July 10, 2025 at 1:03 AM UTC Rian Howlett
Trump pushes 50% copper tariff to come into effect August 1
President Trump has announced a 50% tariff on all copper imports to the US to come into effect on August 1, following through with statements earlier this week.
Posting on Truth Social, the president said:
About half of the copper used in the US is imported, with the vast majority coming from Chile, according to Reuters. The other half is domestically mined and processed, with a significant portion coming out of Arizona.
At this time, Trump has not indicated plans to increase domestic production, nor shown a road map around how the metal, essential in electronics across a number of industries, will be sourced for usage.
- Wed, July 9, 2025 at 8:41 PM UTC Grace O'Donnell
Trump comes to Bolsonaro's defense in tariff letter imposing 50% duties on Brazil
President Trump added Brazil to the list of countries receiving tariff letters today, though he diverged from the usual template.
Instead of citing the US's trade imbalance, Trump issued the letter in service of former President Jair Bolsonaro, who is facing charges of planning a coup after he lost the 2022 election and potentially prison time if convicted by Brazil's Supreme Court.
“The way that Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the World during his Term, including by the United States, is an international disgrace,” Trump wrote in the letter. “This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!”
Trump stated that starting Aug. 1, imports from Brazil to the US will face a 50% tariff.
In another divergence from recent tariff announcements, which have largely tracked "Liberation Day" tariffs, the 50% rate on Brazilian goods is far higher than the 10% announced in April.
Brazil previously had a lower tariff rate because it is one of the few countries with which the United States has a trade surplus. In the first three months of the year, the US exported $650 million more in goods to Brazil than it imported.
- Wed, July 9, 2025 at 4:44 PM UTC Grace O'Donnell
Presidents of Mexico, Chile respond to Trump's copper tariff announcement
Mexico's President Claudia Sheinbaum said on Wednesday that the country could redirect the copper it sends to the US to other markets to avoid potential tariffs from the Trump administration.
Meanwhile, Chilean President Gabriel Boric called for "official" communication on the copper tariffs Trump mentioned during a Cabinet meeting on Tuesday.
Reuters reports:
Read more here.
Wed, July 9, 2025 at 4:00 PM UTC Brett LoGiurato Trump posts new batch of tariff letters
President Trump promised seven letters today. Late this morning, he posted to:
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Philippines
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Brunei
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Moldova
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Algeria
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Iraq
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Libya
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Sri Lanka
Most are roughly in line with duties he announced on "Liberation Day." You can see a full breakdown of the new tariffs Trump has announced here (remember, these are announced, but they take effect Aug. 1):
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- Wed, July 9, 2025 at 1:13 PM UTC Brett LoGiurato
Trump's BRICS warning to India adds new twist to possible trade deal
President Trump is hoping to reach a trade deal with India, touting the potential for months since his April tariff pause. But the latest twist in the president's topsy-turvy trade policy, which he himself introduced this week, could complicate things.
Bloomberg reports:
Some added intrigue: India will assume BRICS chairmanship next year.
Read more here.
- Wed, July 9, 2025 at 12:01 PM UTC Jenny McCall
Trump delayed reciprocal tariffs after Bessent wanted more time on deals
President Trump decided to delay his reciprocal tariffs to Aug. 1 after discussions with Treasury Secretary Scott Bessent.
Bessent and others told the president that he could get trade deals with more time, according to an exclusive report in the Wall Street Journal on Wednesday.
Bessent and other advisers within the Trump administration felt that they were making progress on several deals with trading partners, which included India and the European Union.
An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day.
Trump had talked about ending tariff deals and letting the tariffs take effect. But after Bessent told him some deals were nearly done, but needed more time, Trump changed his mind. Bessent was also the one who convinced Trump to pause his April 'Liberation Day' tariffs for 90 days after they shook global markets.
As a result, Trump sent out letters along with the delay as a negotiating tactic to salvage last-minute concessions from trading partners, according to the WSJ report.
On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals.
Trump went further on Tuesday evening by saying he will be releasing more letters on Wednesday.
"We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!"
Trump also said it would be impossible for every country to get a deal to avoid reciprocal tariffs.
“We got 200 countries. We can’t meet with 200 countries,” he said during the meeting.
- Wed, July 9, 2025 at 11:30 AM UTC Jenny McCall
EU is pushing for early US tariff relief, 'stand-still' clause: Senior lawmaker
The European Union may be getting closer to securing a trade agreement with the United States, according to the the head of the European Parliament's trade committee. But the trade bloc is struggling to obtain immediate tariff relief and a commitment from the US not to introduce new measures.
European Commission President Ursula von der Leyen also said on Wednesday that it is working closely with President Trump's administration to reach a deal.
"We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios," von der Leyen told the European Parliament.
Reuters reports:
Read more here.
- Wed, July 9, 2025 at 11:15 AM UTC Jenny McCall
US used car prices surge as tariffs drive market volatility
Reuters reports:
Read more here.
- Wed, July 9, 2025 at 9:35 AM UTC Jenny McCall
Trump promises more tariff letters and warns BRICS of what’s coming
President Trump took to Truth Social again on Tuesday and amped up his trade threats, promising to unveil tariffs on at least seven countries on Wednesday.
He posted: "We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon."
Commerce Secretary Howard Lutnick told CNBC earlier on Tuesday that 15 to 20 letters are expected to be sent over the next two days.
The latest warning came as Trump vowed to put a 10% levy on imports from BRICS nations on Monday. He also revealed plans for a 50% tariff on copper imports and a 200% import tax on pharmaceuticals.
The US president posted 14 letters on Truth Social that he had sent to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. This message was reinforced on Tuesday with Trump saying that there will be no extensions and payments will be due on Aug. 1.
CNN reports:
Read more here.
