Donald Trump was back in tariff mode last night as his much-trumpeted August 1 deadline loomed then passed.
The POTUS once again surprised the world with fresh levies on dozens of countries. Closer to home, he raised tariffs on Canadian goods from the planned 25% to 35%. These tariffs will apply to goods that fall outside of the U.S.-Canada-Mexico trade agreement.
New Canadian Prime Minister Mark Carney called the news “disappointing” and said “Canadians will be our own best customer in response.” Trump responded by saying he’s open to continued trade talks with Canada, although has also said it is “too late” for countries to strike new deals now that August 1 has passed. Carney told reporters in June that if the two countries did not reach a trade deal by 1 August then Canada would retaliate.
Trump’s relationship with Canada has been thorny since he took office for a second time. He has repeatedly said he wants to annex Canada so that it would become the “51st state,” a plan that is broadly seen as being without merit. He criticized Canada in recent days for announcing that it would recognize Palestinian statehood, writing on Truth Social: “That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!”
We have contacted the Canadian Media Producers Association for a response on how Trump’s move may impact Canada’s TV and film industry.
Meanwhile, Trump announced fresh tariffs on more than 90 countries as the deadline to strike trade deals passed. He has paused higher tariffs with Mexico but added a whopping 50% levy on goods trading with Brazil, which is widely seen as a political move due to his anger that former Brazil President Jair Bolsonaro is facing charges over an alleged coup attempt after losing the last election.
Dozens more countries have been slapped with tariffs including 15% each on Japan and South Korea. Earlier this week, Trump struck a deal with the European Union which will see the Union face 15% tariffs on goods coming into America.
The tariff chaos first reared its head in April when Trump announced a baseline tariff of 10% across the world. Markets have been spiralling ever since. Talk of a tariff on movies made outside the U.S. has quietened in recent weeks.
