Tariffs News Updates

Under the deal the two countries were working toward, the regular auto tariff would have been lowered to 15% from 25%. Canada wanted that relief expanded to medium- and heavy-duty vehicles, which range from large pickup trucks to commercial vehicles. 

Canadian leader Mark Carney said he will prepare a domestic aid package to help businesses hurt by U.S. tariffs, and is designing those measures to ride out the balance of Trump’s term if necessary.

The nation's busiest port processed 499,552 TEUs in July. That’s 8% lower than the record set for July last year, but 6% higher than the port’s five-year average for the month.

The move under discussion would generally halve U.S. tariffs on imports of the two metals, which currently face a 50% rate.

The announcement buys time for more negotiations and avoids, for now, another strain in already tense relations between the historic allies.

Mexico’s economy and finance ministries are evaluating which products not currently covered by a bilateral trade deal might face new duties.

The U.S. has signaled privately that the chances of a deal on Aug. 18 are a coin flip or worse, said the sources, who spoke on condition of anonymity.

Tension between neighbors could hit new heights at 12:01 a.m. Aug. 19 if Trump goes ahead with his plan to impose 50% tariffs on $20 billion worth of Canadian products, ranging from hockey sticks to tongue depressors.

Trump’s suspension of the carve-out had led to more than $1 billion in duty payments by the end of 2025, according to Customs and Border Protection.

In a report released Aug. 13, the White House Office of Trade and Manufacturing Policy accused dozens of countries of being part of China’s “shadow transshipment network.”