On July 31, President Donald Trump signed an executive order that dramatically increases tariffs on imports from numerous trading partners worldwide, intensifying his administration’s aggressive push to boost domestic manufacturing. Notably, tariffs on goods from Canada were raised from 25% to 35%, signaling a tougher stance in North American trade relations. These new reciprocal tariffs are set to take effect in just seven days, ahead of Trump’s August 1 deadline demanding trade agreements with around 180 countries or facing higher rates. The move has sent ripples through global markets as businesses and governments brace for impact.
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