Tariffs News Updates

Trump and his officials have demanded Carney act on a lengthy list of trade irritants or the U.S. will move forward on Aug. 19 with 50% duties on about $20 billion worth of Canadian products.

The refunds to consumers are the last step in a monthslong process that kicked off in February when the Supreme Court struck down sweeping tariffs implemented by President Donald Trump in March 2025.

With two months left in the fiscal year, the deficit so far for fiscal 2026 totals $1.8 trillion, Treasury Department data showed Aug. 12.

Carney said Canada remained engaged in the negotiations despite Trump’s comments, describing the talks as a fight to protect Canadian workers and businesses.

Canada and the U.S. are negotiating to find a trade deal by Aug. 19. That’s the date on which Trump promised the U.S. will apply new 50% tariffs on a fresh basket of Canadian-made goods.

A group of U.S. states filed a lawsuit challenging President Trump’s new global tariffs that went into effect last month.

CFO Brian Olsavsky said, “In cases where we did see an increase in costs due to tariffs, we largely absorbed these costs rather than pass them on to customers.” 

The truckload unit again drove results at the Montreal-based carrier in the second quarter of 2026 as the freight market rebounded.

President Donald Trump argued that his economic policies have revived the auto industry and American manufacturing during a July 27 visit to Michigan.

More than 70% of Canada’s exports go to the U.S., making America its largest trade partner, and Detroit is the No. 1 port for truck traffic on the U.S.-Canada border.