Upon learning, on July 31st local time, the White House announced that President Trump had signed an executive order to increase tariffs on Canada from 25% to 35%, effective August 1st.
In a statement, the White House indicated that the tax increase was “to address Canada’s ongoing inaction and retaliatory actions,” and stated that the president “deemed it necessary to raise tariffs effectively to address the current emergency situation.”
Furthermore, the White House mentioned that this measure is part of a series of tariff adjustments recently implemented by the Trump administration. Prior to this, the White House also issued an executive order resetting the “countervailing duty” rate standards for certain countries: according to the executive order, countries will be subject to individual rates listed in Annex 1, while those not listed will be uniformly subject to a 10% rate; if a country or region circumvents tariffs through third-party transfer, its goods will be subject to a 40% transit tax. (Reported by Xu Xiao and Zhang Yingzhe)