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Trump Hits Canada with 35% Tariff Amid Trade Tensions

7/12/2025

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Trump Tariffs Canada

In a bold move, President Trump declared a 35% tariff on a wide range of Canadian goods starting August 1, even after Canada scrapped its digital services tax. This escalation in trade tensions comes as Canada grapples with multiple tariffs, impacting its $63.3 billion trade surplus with the US, its second-largest trading partner.

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EU Introduces Corporate Tax

The European Commission is set to introduce a bold tax aimed at large corporations earning over €50 million annually, seeking to bolster the EU's finances amid escalating costs. However, gaining unanimous consent from all 27 member states poses a significant challenge. Alongside this, new levies on e-waste and tobacco are also being explored to enhance revenue.

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Trump Tariffs Canada

In a bold move, President Trump declared a 35% tariff on a wide range of Canadian goods starting August 1, even after Canada scrapped its digital services tax. This escalation in trade tensions comes as Canada grapples with multiple tariffs, impacting its $63.3 billion trade surplus with the US, its second-largest trading partner.

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