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Trump Raises Canada Tariff to 35% as He Announces New Levies For 92 Countries - Stock Markets FALL

Trump has raised Canadas tariff rate from 25% to 35% in new executive order that comes into effect at midnight..

Six Things That Will Cost Americans More After Trumps Tariffs

BBC 1 AUG 2025





He also released new levies for dozens of other countries. The rates come into effect in seven days time

Earlier, he paused putting higher tariffs on Mexico for another 90 days


Trump announced his tariff plan in April, sending chaos rippling through the world economy. But he paused it so countries could negotiate new trade deals.. The UK and the EU are among those who have since made deals with the US

The tariffs mean companies that bring foreign goods into the US will have to pay the taxes to the government, and experts say these companies may pass costs on to consumers


Trans-shipping




A key provision in Trumps executive order relates to transshipping which is sending products to third countries before their destination, to avoid tariffs.


Goods found by Customs and Border Protection to be transshipped will face a 40% duty, the White House says. That would be in place of the existing duty that country is subject to.

CBP has previously investigated and penalised companies for transhipping goods from China to dodge higher levies.


Heres a list of who else has been affected;

Which Countries Have Made a Deal With Trump

Heres a look at the countries and regions that have inked trade deals with the Trump administration ahead of the midnight deadline;

United Kingdom -After reaching a deal in March, the tariff rate for UK exports will be set at 10%. Britain is allowed to export 100,000 cars to the US at a 10% tariff rate, as opposed to the 25% rate announced in March.

European Union A tariff rate of 15% will be imposed on most goods this is half the rate of the 30% rate that had previously been threatened

Japan A tariff rate of 15% will be imposed on all Japanese goods, lower than the 25% that had been threatened

Philippines Exports from the Philippines will be taxed at 19%, down from 20%

China In late May, the US announced it would be reducing the tariff rate imposed on China to 30%, down from 145%

Vietnam Before striking a deal, the US announced a 46% tariff rate, it's now down to 20%
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Six Things That Will Cost Americans More After Trumps Tariffs

BBC 1 AUG 2025


Products That Will Become More Expensive;


Clothing and Footwear

The vast majority of clothing and footwear sold in the US is made in other countries, including the manufacturing hubs of Vietnam, China and Bangladesh.



Coffee, Olive Oil and Other Food

Almost all of the coffee consumed in the US comes from outside the country, meaning it could soon become a bigger burden on Americans' wallets.

Coffee from Brazil is facing 50% tariffs, Vietnamese coffee is likely to be subject to a 20% tariff.
With 15% tariffs in place on products from European Union nations, the prices of shelf staples such as Italian, Spanish or Greek olive oil could rise.

Trump has separately raised tariffs against Mexico, a major supplier of items such as tomatoes and avocados, though he has granted some key exemptions to those levies.


Beer, Wine And Spirits

The US is one of Europe's biggest alcohol export markets, with European companies, including Pernod Ricard and LVMH, selling ?9bn (?7.8bn) of alcohol to the US each year. The country makes up about a third, external of Irish whiskey exports and almost 18% of champagne exports.

However, European Commission President Ursula von der Leyen has not said whether alcohol will be included in its tariff deal with the US or exempted along with other, unspecified, agricultural and food products.

Meanwhile, under tariffs announced in April, Mexican beers like Modelo and Corona are expected to become more expensive because of levies on aluminium, which affects beers poured from cans. Most beer in the US - 64.1% - is served out of cans, according to the Beer Institute.


Cars

Trump has been particularly keen to see tariffs on imported vehicles in the hope that raising the price of foreign made cars will give a boost to American firms. In March, he introduced a 25% levy externalon imported passenger vehicles and parts in an effort to protect Americas automobile industry

He has since reduced this to 15% for cars from some key exporters, including the European Union and Japan. Importers will pay 10% on UK cars. The tariffs have not led to a sharp rise in car prices, external so far.

Erin Keating, an executive analyst Cox Automotive, suggests that is because firms are so far absorbing more of the burden from tariffs and not passing the added costs to consumers. But as costs mount, its unclear how long that position will hold. Trumps hopes that the tariffs will boost sales by US companies may also backfire.

Thats because many cars made in the US rely on parts or materials from overseas. Some brands sold by US companies are also assembled outside the country, including in factories in Canada and Mexico, meaning they are subject to the 25% levy. Those are now at a disadvantage compared to offerings from key foreign competitors.







Houses

After Trump raised tariffs on steel and aluminium earlier this year, prices for steel in the US increased. A 50% levy on copper is now set to start on 1 August, while Trump has also threatened tariffs on lumber.

All three are key materials used to build homes. Consumers end up paying for the tariffs in the form of higher home prices the NAHB said.


Energy And Fuel

The European deal will increase the amount of energy Europe buys from the US, which von der Leyen said , external will replace Russian gas and oil with cheaper liquefied natural gas, oil and nuclear fuels from America.

But the tariffs dont necessarily mean good news for US consumers. He has put a 10% rate on energy exports from Canada, Americas largest foreign supplier of crude oil. According to official trade figures, 61% of oil imported into the US between January and November 2024 came from Canada.

The US doesnt have a shortage of oil, but its refineries are designed to process so called heavier or thicker crude oil, which mostly comes from Canada, with some from Mexico.

Many refineries need heavier crude oil to maximize flexibility of gasoline, diesel and jet fuel production, according to the American Fuel and Petrochemical Manufacturers.

That means if Canada decided to reduce crude oil exports in retaliation against US tariffs, it could push up fuel prices.


Drug Prices

Make NO Mistake -Every Single American Will be Hurt, And MANY Will Die Over Soaring Drug Prices, Thanks to Trump





..He Puts The Blame on American Pharmaceutical Companies