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President Trump announced a 35% tariff on Canadian goods starting August 1st, and blanket 15-20% tariffs on other countries without prior trade agreements. This follows threats of tariffs on over 20 countries and a 200% levy on pharmaceuticals. The Canadian dollar fell, and US stock futures declined following the announcement, despite Trump's claim of positive market reception. The new tariffs postpone the July 9th deadline for reciprocal tariffs.

Prepared by Lauren Mitchell and reviewed by editorial team.