Trump ends whirlwind week with billions in new tariff revenue and a more complicated trade war

<p>-

• Trump ends whirlwind week with billions in new tariff revenue and a more complicated trade war</p>

<p>Ben WerschkulJuly 11, 2025 at 11:42 PM</p>

<p>Donald Trump capped off a whirlwind series of tariff threats with confirmation Friday that he has broken yet another monthly tariff revenue record, ending a week where his trade war got more complicated than ever.</p>

<p>This latest frenetic stretch began with the president promising a mix of "Letters, and/or Deals" and also talking of being "done" with trade talks.</p>

<p>But markets closed up shop on Friday with perhaps the only certainty that talks are likely to intensify in the coming weeks as negotiators (not to mention traders) refocus on a new Aug. 1 deadline for a range of promised tariff hikes.</p>

<p>Read more: What Trump's tariffs mean for the economy and your wallet</p>

<p>But in the meantime — as Trump himself often touts — tariff revenues are clearly coming in. New data from the Treasury Department released Friday afternoon confirmed that June was yet another record month on the revenue front, with $26.6 billion in customs duties coming into US coffers.</p>

<p>It was another step up from May's total of $22.2 billion. It brings the total for the fiscal year, which began in November, to $108 billion, with the majority of that money coming in recent months as Trump's tariffs began to bite.</p>

<p>But the Friday afternoon data also confirmed that Trump still has a way to go before tariff revenues make up a major piece of US government receipts; this latest Treasury monthly statement also showed that total government receipts for the month topped $526 billion.</p>

<p>The new Friday data was the latest in a nonstop series of tariff headlines throughout the week — from surprise escalations and promises of 35% tariffs on Canada to 50% duties on Brazil to letters to 20+ additional nations and unveiling of 50% duties on copper.</p>

<p>Trade observers couldn't keep up, but markets more often than not shrugged off the threats, with apparent plans to wait and see what the landscape looks like closer to that deadline next month.</p>

<p>In the meantime, Trump says no more extensions are in the offing and added at a recent Cabinet meeting that "the big money will start coming in on Aug. 1."</p>

<p>In total, Trump is now promising to impose blanket tariffs of about 15% to 20% on most trading partners, with others going much higher.</p>

<p>Brazil was perhaps the biggest surprise of the week when that South American nation saw a letter with a possible 50% tariff over what Trump describes as a witch hunt of the former president, a Trump ally who faces accusations of trying to overturn the will of voters after losing a reelection bid in 2022.</p>

<p>"Maybe at some point I'll talk to him," Trump told reporters Friday of when he would negotiate with Brazil. "Right now I'm not."</p>

<p>President Trump speaks to the press before boarding Marine One on the South Lawn of the White House on July 11. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) (ANDREW CABALLERO-REYNOLDS via Getty Images)</p>

<p>Also in focus as the week ended was Canada, which was another surprise when it saw a Trump promise of a 35% rate, though many goods like oil that currently see a lower rate are expected to continue to be carved out as talks continue there.</p>

<p>Read more: 5 ways to tariff-proof your finances</p>

<p>Those talks are looking ahead to the new Aug. 1 deadline as well as a coming joint review of the United States-Mexico-Canada Agreement (USMCA) set for next July.</p>

<p>Canadian Prime Minister Mark Carney responded to Trump's latest threat by saying talks have been ongoing with Canada prepared to defend its interests, adding, "We will continue to do so as we work towards the revised deadline of Aug. 1."</p>

<p>It was all part of a week that saw Trump offering a new volume of hawkish commentary by the day and markets not only looking through the rhetoric but even rising.</p>

<p>The S&P 500 (^GSPC) did retreat on Friday and was largely flat on the week but reached new record highs earlier in the week.</p>

<p>It was a sharp contrast to early April when Trump's "Liberation Day" tariffs sent markets reeling and caused the president to backtrack after he said he saw that people were "yippy" and "afraid."</p>

<p>It was a very different tone this time with Trump touting the record highs, hosting Nvidia (NVDA) CEO Jensen Huang at the White House, and even suggesting his tariffs were fueling his view that America is the "hottest country."</p>

<p>"Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS!" he wrote Thursday. "USA is taking in Hundreds of Billions of Dollars in Tariffs. COUNTRY IS NOW "BACK.""</p>

<p>The bottom line, as Raymond James' Ed Mills noted this week, is that "the tariff landscape is evolving rapidly" with lots of drama ahead and rates likely from 10%-50% depending on the country.</p>

<p>But in the end, he added, after Aug. 1, "the base case is for tariffs to settle in the 10–30% range."</p>

<p>Ben Werschkul is a Washington correspondent for Yahoo Finance.</p>

<p>Click here for political news related to business and money policies that will shape tomorrow's stock prices</p>

<p>Read the latest financial and business news from Yahoo Finance</p>

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Trump ends whirlwind week with billions in new tariff revenue and a more complicated trade war

<p>- Trump ends whirlwind week with billions in new tariff revenue and a more complicated trade war</p> ...

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Lovers' message in a bottle found 13 years later and 2,000 miles away

<p>-

• Lovers' message in a bottle found 13 years later and 2,000 miles away</p>

<p>Alexander SmithJuly 11, 2025 at 2:19 PM</p>

<p>The bottle, found by Kate and Jon Gay, washed up on the shore of Scraggane Bay on the west coast of Ireland. (Maharees Heritage and Conservation)</p>

<p>When Brad Squires and the then-Anita Moran wrote a tender account of their picnic date, stuffed it into the bottle of wine they'd just emptied and tossed it into the waves below, they never dreamed someone would actually read it, let alone 13 years later and almost 2,000 miles away.</p>

<p>Thrown into the water on Newfoundland's Bell Island, the bottle and its paper cargo traveled on wild Atlantic seas for more than 4,600 days, adrift during 11 iterations of iPhone, two Donald Trump elections and a global pandemic that came and went.</p>

<p>That epic journey took it to the west coast of Ireland, where it was discovered this week.</p>

<p>"It's a moment of pure joy," said Martha Farrell, chair of the Maharees Conservation Association, whose members found the bottle Monday. "For us, it's the impossibility and resilience of that glass bottle finding our beach all those years later — but also the resilience of the couple."</p>

<p>The letter found inside the bottle. (Maharees Heritage and Conservation)</p>

<p>Using the power of social media, its Irish finders tracked down couple who are now married with three kids.</p>

<p>The note was "only two or three lines but it captures their moment," Farrell told NBC News. "It was like a little secret between themselves — but now it has brought so much joy to so many people."</p>

<p>When Brad Squires, now 40, hurled the bottle off the high cliffs of Bell Island, the couple "thought it wasn't even going to make it to the water, let alone bypass all the rocks and make it across the ocean and and be found," Anita Squires, now 35, told NBC News. "For all the stars to align, for all those things to happen, it seems like an impossible feat for that little bottle, but it was pretty resilient."</p>

<p>Back then, the couple had been dating for a year and were in a long-distance relationship: he a police officer in British Columbia and she a trainee nurse in Newfoundland.</p>

<p>"Today we enjoyed dinner, this bottle of wine and each other on the edge of the island," she wrote in the message. "If you find this, please call us," she added, providing a number but never imagining somebody actually would.</p>

<p>They had shared a precious picnic together on the tiny Bell Island, a 20-minute ferry ride from St. John's. "I gave it everything I had," Brad Squires said of his attempt to launch the bottled missive into the waves below.</p>

<p>Anita and Brad Squires in 2012, above, and today.</p>

<p>They soon forgot about it. They got married in 2016, settling down in Newfoundland. They have three children, Allie, 19, Gabe, 16, and Harrison, 5.</p>

<p>In Scraggane Bay on Ireland's picturesque Dingle Peninsula, the bottle was found Monday by another couple, Kate and Jon Gay, members of the local charity Maharees Conservation Association, who were doing a beach cleanup.</p>

<p>They kept it until the association's meeting later that night, smashing it open, toasting the unknown writers but failing to get an answer from the number provided. So Farrell posted an appeal on Facebook thinking it might yield an answer in weeks or months. One hour later, Anita Squires had got in touch to say she was the note's author.</p>

<p>"It was phenomenal," Farrell said.</p>

<p>There is a doubly serendipitous side to this story, too.</p>

<p>The Maharees, where the bottle was found, is a 3-mile isthmus of sand that has been battered and eroded by extreme weather and sea-level rises fueled by climate change. So too have parts of Newfoundland.</p>

<p>Kate and Jon Gay, and Dottie the dog. (Jeanne Spillane)</p>

<p>The grassroots Maharees Conservation Association wants to use this story to link up with people in Newfoundland experiencing the same issues. And the author of the letter in the bottle is going to connect them.</p>

<p>"They have a soft coastline, they have a sand dune system, and they are also vulnerable to sea level rises," Farrell said. "It's a somber enough affair when you're thinking: How can we actually prepare ourselves for what's to come? So to have this little moment of pure joy in the middle of that, it was very welcome."</p>

<p>Anita Squires says that her "love story is cute, but the work they are doing is so important," referring to the conservation group's attempts to protect and adapt their coastlines to the climate crisis. So, linking these campaigners is "the beautiful thing at the end of the story."</p>

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Lovers' message in a bottle found 13 years later and 2,000 miles away

<p>- Lovers' message in a bottle found 13 years later and 2,000 miles away</p> <p>Alexander Sm...

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Jannik Sinner thrashes powerless Novak Djokovic to set up tantalising Wimbledon final against Carlos Alcaraz

<p>-

• Jannik Sinner thrashes powerless Novak Djokovic to set up tantalising Wimbledon final against Carlos Alcaraz</p>

<p>Kieran JacksonJuly 11, 2025 at 8:44 PM</p>

<p>Strap yourselves in, folks. Jannik Sinner and Carlos Alcaraz have endured their fair share of frights over the past 12 days at the All England Club, but the two leading stars in men's tennis are not to be denied. They have, we have, a thrilling rematch ahead of us on Sunday afternoon, five weeks on from their Roland Garros epic. And with the greatest of respect to Novak Djokovic, a seven-time champion no less, this is the final Wimbledon will have wanted too.</p>

<p>On Friday, both Alcaraz and Sinner emerged victorious in their semi-finals but it was Sinner – the world No 1, chasing a first Wimbledon title – who made the most emphatic statement. Taking on Djokovic, eyeing a seventh consecutive final here, Sinner walked onto Centre Court and played lights-out tennis. It was the closest thing to flawless we've seen all year.</p>

<p>In less than two hours, Djokovic – albeit a Djokovic hampered by injury – was swatted aside like a rookie on the south-west London stage he has made his own, the scoreline a devastating 6-3, 6-3, 6-4. Demolition job complete.</p>

<p>Jannik Sinner set up a Wimbledon final with Carlos Alcaraz by swatting Novak Djokovic aside (Getty)</p>

<p>"Amazing, I cannot believe it," Sinner said on court. "From my side, I served very well, I felt great on court and was moving much better today. I tried to stay calm and play the best tennis I could, especially in the important moments."</p>

<p>There was a sombre tone to the finale, however. Djokovic, clearly hampered by a thigh injury sustained at the end of his quarter-final win against Flavio Cobolli, was virtually on his knees in the third set. Such a rare sight in over 20 years on tour, Djokovic this time could not muster any resistance.</p>

<p>Will we see him here again? He hopes so. "I would be sad, hopefully it's not my last match on Centre Court," he said in his post-match press conference, just 20 minutes after his match concluded. "I'm not planning to end my Wimbledon career today. I want to be back here at least once."</p>

<p>The Serb acknowledged pre-match, having not claimed a set in their French Open semi-final last month, that it would "take the best of me" to beat Sinner. The Serb, 15 years older we should not forget, and in the autumn of his glittering career, has not beaten Sinner in 30 months.</p>

<p>But the SW19 grass, without a doubt, represented his best shot at a record-breaking 25th grand slam, having defeated Sinner here in 2023 and 2022.</p>

<p>However, the leaps and bounds by which the 23-year-old Italian has improved his game, athleticism and mentality are why he is the top men's player. Yet he had a point to prove on grass, the only surface he had yet to reach a major final on. And here, Sinner came out of the blocks like Usain Bolt on an August day in Beijing.</p>

<p>Djokovic waves goodbye to Centre Court after his semi-final exit (PA)</p>

<p>Sinner sealed an early break with a superb lob and, from there, the first set was claimed. A low-energy Djokovic, whose fitness beforehand was in doubt, did not have so much as a sniff on return. Some pill to swallow, you'd assume, for the best returner the sport has ever seen.</p>

<p>In fact, in mirror image to Alcaraz's win against Taylor Fritz earlier in the day, Sinner did not lose a point behind his first serve in the opening set. First-set tie-break on Sunday, anyone?</p>

<p>In the first hour, Sinner was strutting around the court like a mechanical monster, smashing the life out of every shot with supreme accuracy. Yet curiously, for as full throttle as Sinner was, Djokovic was severely lacking in adrenaline, unable to shift out of first gear. Even chants of "Nole, Nole" were futile in the face of Sinner's unwavering attacking tennis. In hindsight, perhaps deep down, the Serb knew he was fighting a battle he couldn't possibly win.</p>

<p>Djokovic did have a chance at 4-2 in the second set. The chance was 0-15. Sinner produced three unreturnable first serves, before Djokovic netted. And that was that.</p>

<p>Sinner was relentless in his semi-final win (Getty)</p>

<p>The Serb escaped his own service game but Sinner, unrelenting, powered to the second set. By this point, his first-serve accuracy was riding high at 76 per cent and he'd only lost two of 32 points behind it. That told its own story.</p>

<p>For Djokovic's 11-year-old son Stefan in his player box, wearing a cap littered with signatures of top players, including Sinner and Alcaraz, it was a gut-wrenching watch. Djokovic wisely took a medical timeout as the trainer tended to his leg. The writing was on the wall.</p>

<p>But then, suddenly, Sinner did something unusual: he made a few errors. Even more unusual: they were on serve. Djokovic ground his way to 30-30 and Sinner mishit a routine forehand. Then, the Italian lumped another into the net. A break of serve and a roar from the crowd, keen for more action this Friday night. Was this to be the turning point?</p>

<p>Djokovic was close to surrender in the third and final set (Getty)</p>

<p>Not this time. Sinner's peerless level had dropped, ever so slightly, and Djokovic even had a point to go 4-0 up. But Sinner crucially held, overcame his 10-minute lag, and broke back as Djokovic, almost in surrender, meekly plunged a drop-shot into the net.</p>

<p>It was a sign of things to come. Djokovic was no longer moving freely as a result of his leg problem, and was failing to chase down every ball in normal fashion. Sinner claimed another break, with Djokovic heading into the net behind every serve, and soon the ending was inevitable. The Serb saved two match points on his own serve, but was a beaten man. He didn't even run for the final ball, as Sinner comfortably stroked a forehand into the open court.</p>

<p>The biggest compliment we can pay to Djokovic, a man refusing to retire in the face of Father Time, was his will to compete despite hardship here. He didn't withdraw pre-match. He didn't retire. He finished the contest.</p>

<p>And the Serb gave the obligatory wave as he left the stage. For the last time? After this, it feels more likely than ever. The next generation is now the present generation and their protagonists will take to the court once more in the showpiece match on Sunday. Popcorn at the ready, everyone.</p>

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Jannik Sinner thrashes powerless Novak Djokovic to set up tantalising Wimbledon final against Carlos Alcaraz

<p>- Jannik Sinner thrashes powerless Novak Djokovic to set up tantalising Wimbledon final against Carlos Alcaraz...

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BYU QB Jake Retzlaff withdraws from university after facing likely suspension

<p>-

• BYU QB Jake Retzlaff withdraws from university after facing likely suspension</p>

<p>John Leuzzi, USA TODAY NETWORK July 11, 2025 at 9:58 PM</p>

<p>Jake Retzlaff is withdrawing from Brigham Young University.</p>

<p>The Cougars quarterback, who faced what was likely a seven-game suspension for violating BYU's honor code after engaging in pre-marital sex, announced his decision to withdraw from the university, which is sponsored by the Church of Jesus Christ of Latter-day Saints. He issued a statement on Friday, July 11.</p>

<p>CBS Sports reported Retzlaff's decision to withdraw from BYU was the result of the program not allowing him to enter the NCAA transfer portal. ESPN reported Retzlaff intends to transfer to another school to play football in a way that doesn't include the portal.</p>

<p>REQUIRED READING: BYU coach Kalani Sitake addresses Jake Retzlaff situation: 'Every school has their standards'</p>

<p>"After a lot of prayer, reflection, and conversations with those I trust, I've made the difficult decision to officially withdraw and step away from the BYU football program," Retzlaff wrote in a statement posted to Instagram. "BYU has meant more to me than just football. It's been a place of growth — spiritually, mentally and physically. I'm grateful for every teammate, coach, staff member and fan who's supported me along the way. The relationships and memories I've made in Provo will always be a part of me.</p>

<p>"That said, I'm excited to turn the page and embrace the next chapter. My journey is far from over — and I'm more motivated than ever to keep chasing my goals."</p>

<p>BYU later released a statement on Retzlaff's withdrawal to ESPN:</p>

<p>"We are grateful for the time Jake Retzlaff has spent at BYU. As he moves forward, BYU Athletics understands and respects Jake's decision to withdraw from BYU, and we wish him all the best as he enters the next phase of his career."</p>

<p>Retzlaff, the first Jewish starting quarterback in program history, faced a civil lawsuit after being accused by a Salt Lake County woman of sexually assaulting and raping her in November 2023. The woman, who claimed Retzlaff "strangled and bit" her, sought $300,000 in damages.</p>

<p>Retzlaff and his lawyers denied the allegations, saying he had consensual sex with the woman. BYU has an honor code that states that students must "live a chaste and virtuous life," which includes "abstaining from sexual relations outside marriage between a man and a woman."</p>

<p>On June 30, ESPN reported the civil lawsuit against Retzlaff was dismissed after "the two sides agreed to dismiss the case without prejudice." He did not face criminal charges, nor was he in attendance at Big 12 media days this past week in Frisco, Texas.</p>

<p>"First of all, I love Jake Retzlaff," BYU coach Kalani Sitake said at Big 12 media days on July 8. "We love Jake Retzlaff and appreciate all that he's done for our program. I think it would be inappropriate for me to make a statement in his situation first. I think that's his right. I think it's a private matter that he can speak for himself, and I'm going to give him the opportunity to do that."</p>

<p>Retzlaff threw for 2,947 passing yards and 20 touchdowns in his first season as BYU's starting quarterback this past year, which included leading the Cougars to an 11-2 record, punctuated by an Alamo Bowl victory.</p>

<p>The USA TODAY app gets you to the heart of the news — fast. Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.</p>

<p>If you or someone you know has experienced sexual violence, RAINN's National Sexual Assault Hotline offers free, confidential, 24/7 support to survivors and their loved ones in English and Spanish at: 800.656.HOPE (4673) and Hotline.RAINN.org and en Español RAINN.org/es.</p>

<p>This article originally appeared on USA TODAY: Jake Retzlaff withdraws from BYU amid facing likely suspension</p>

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BYU QB Jake Retzlaff withdraws from university after facing likely suspension

<p>- BYU QB Jake Retzlaff withdraws from university after facing likely suspension</p> <p>John Leu...

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Quarterfinal injury affected Novak Djokovic 'quite a bit' in semifinal defeat, but he's set on making Wimbledon return

<p>-

• Quarterfinal injury affected Novak Djokovic 'quite a bit' in semifinal defeat, but he's set on making Wimbledon return</p>

<p>Andy BackstromJuly 11, 2025 at 10:18 PM</p>

<p>Novak Djokovic's streak of Wimbledon final appearances came to an end with a semifinal loss to Jannik Sinner, whilst dealing with an injury. (Photo by Hannah Peters/Getty Images) (Hannah Peters via Getty Images)</p>

<p>Novak Djokovic's streak of Wimbledon final appearances has come to an end. For the first time since 2018, the Serbian star will not have a spot in the championship match at the All England Club.</p>

<p>No. 6 Djokovic bowed out to Italian, and world No. 1, Jannik Sinner in straight sets Friday 6-3, 6-3, 6-4.</p>

<p>The 24-time Grand Slam champion was clearly hampered by an injury he suffered during the home stretch of his quarterfinal victory over No. 22 seed Flavio Cobolli two days earlier.</p>

<p>Djokovic slid and awkwardly fell during his second match point against Cobolli, nearly doing a split before collapsing forward momentarily. The 38-year-old finished the match and quickly punched his ticket to the semis. But he canceled his practice on Thursday, a sign that he wasn't 100% after the nasty tumble he took in the quarters.</p>

<p>Djokovic was asked in his post-match news conference Friday how physically compromised he felt during the semifinal head-to-head versus Sinner.</p>

<p>"Quite a bit," Djokovic said. "It wasn't really a pleasant feeling on the court. But I don't want to talk in detail about my injury and whine about not managing to play my best. I want to congratulate Jannik for another great performance. That's it. He's in the finals. He was too strong."</p>

<p>Djokovic added, though: "I do feel disappointed I wasn't able to move as well as I thought or hoped I would."</p>

<p>Normally dominant on grass, Djokovic — a seven-time Wimbledon champion — struggled to move side-to-side throughout Friday's semifinal. Changing direction proved difficult for him, and he even limped after points.</p>

<p>A medical timeout between the second and third sets saw a trainer visit Djokovic, who received treatment on his upper-left leg. After that, Djokovic proceeded to win the next three games and came within a point of taking a 4-0 lead in the third set. But he ended up losing six of the last seven games.</p>

<p>Djokovic, still searching for his unprecedented 25th Grand Slam title, has dealt with a series of injuries recently. In addition to his latest issue, he exited this year's Australian Open after just one set in his semifinal match because of a torn hamstring. During the 2024 French Open, he had to withdraw before the quarters after he had torn the meniscus in his right knee, an injury that required surgery.</p>

<p>"I don't think it's bad fortune. It's just age," Djokovic said Friday. "The wear and tear of the body. As much as I'm taking care of it, the reality hits me right now the last year and a half like never before, to be honest. It's tough for me to accept that because I feel like when I'm fresh and fit, I can still play very good tennis. I've proven that this year. Playing best of five, particularly this year, has been a real struggle for me physically. The longer the tournament goes, the worse the condition gets. I reached the semis of every slam this year. I have to play Sinner or [Carlos] Alcaraz. These guys are fit, young, sharp. And I feel like I'm going into the match with the tank half empty. It's just not possible to win the match like that. It is what it is. It's one of those things you just have to accept and embrace in some way, deal with reality the way it is and try to make the most out of it."</p>

<p>Djokovic lost the previous two Wimbledon finals to Spain's Alcaraz, the world No. 2. He'll now watch Sinner and Alcaraz square off for the title Sunday in a highly anticipated rematch of this year's French Open final.</p>

<p>Djokovic hopes to be back on Centre Court again. He's planning on a Wimbledon return.</p>

<p>"I'm not planning to finish my Wimbledon career today," he said. "I'm planning to come back, definitely at least one more time."</p>

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Quarterfinal injury affected Novak Djokovic 'quite a bit' in semifinal defeat, but he's set on making Wimbledon return

<p>- Quarterfinal injury affected Novak Djokovic 'quite a bit' in semifinal defeat, but he's set on maki...

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Why did Trump slap new tariffs on Canada?

<p>-

• Why did Trump slap new tariffs on Canada?</p>

<p>MAX ZAHNJuly 11, 2025 at 11:16 PM</p>

<p>President Donald Trump ratcheted up tariffs on Canada late Thursday, stoking tensions with a top U.S. trade partner as the two sides try to hash out a trade agreement by the end of the month.</p>

<p>The Dow Jones Industrial Average tumbled 250 points, or 0.5%, in early trading on Friday, erasing some of the index's gains in recent weeks as it approached a record high. The S&P 500 dipped 0.4%, while the tech-heavy Nasdaq fell 0.2%.</p>

<p>Canadian Prime Minister Mark Carney struck a forceful but measured tone in a response late Thursday night, saying on X that Canada would continue trade negotiations while defending its national interests.</p>

<p>MORE: Coffee, shoes: Trump's new tariffs could hike these prices</p>

<p>Here's what to know about new U.S. tariffs on Canada, and what they mean for fraught economic relations between the two allies:</p>

<p>When will Trump's new tariffs on Canada take effect?</p>

<p>The fresh round of 35% tariffs on Canadian goods will take effect on Aug. 1, which matches the start date of levies issued for more than 20 other countries in recent days.</p>

<p>Aug. 1 also marks the deadline for ongoing trade negotiations between the U.S. and Canada.</p>

<p>Canada already faces 25% tariffs on exports to the U.S., though those levies exclude a host of goods compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement.</p>

<p>Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods.</p>

<p>Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.</p>

<p>Why did Trump propose new tariffs on Canada?</p>

<p>Trump offered up two reasons for the fresh round of tariffs, which align with grievances voiced by Trump in previous trade announcements targeting Canada.</p>

<p>First, Trump faulted Canada for its alleged failure to stop the transport of fentanyl into the U.S.</p>

<p>"As you will recall, the United States imposed tariffs on Canada to deal with our Nation's Fentanyl crisis, which is caused, in part, by Canada's failure to stop the drugs from pouring into our Country," Trump wrote in a letter to Carney, which was posted on social media late Thursday.</p>

<p>Between September and April, nearly all fentanyl seized by the U.S. came through the southern border with Mexico, according to U.S. Customs and Border Patrol, or CBP. Less than 1% of fentanyl was seized at the northern border with Canada, CBP found.</p>

<p>Bill Pugliano/Getty Images - PHOTO: A car hauler truck makes its way to the Ambassador Bridge to cross into the United States at Detroit on April 1, 2025 in Windsor, Canada.</p>

<p>Next, Trump sharply criticized tariffs and other trade barriers erected by Canada that put U.S. businesses at a disadvantage when seeking to reach Canadian shoppers. Those barriers, Trump said in the letter, have brought about a U.S. trade deficit with Canada.</p>

<p>Last year, the U.S. ran a trade deficit with Canada of $63 billion, which marked a slight decrease from the previous year, according to the Office of the U.S. Trade Representative. By comparison, the U.S. ran a larger trade deficit last year with its other top trading partners: A $295 billion deficit with China and a $171 billion deficit with Mexico.</p>

<p>How did Canada respond to Trump's new tariffs?</p>

<p>Carney posted a 114-word response on X late Thursday that appeared to avert further escalation of trade tensions while striking a firm posture in defense of Canada's economic interests.</p>

<p>"Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses," Carney said. "We will continue to do so as we work towards the revised deadline of August 1."</p>

<p>Carney responded directly to Trump's allegations about Canada's failure to address fentanyl, saying Canada had "made vital progress to stop the scourge of fentanyl in North America."</p>

<p>MORE: Trump admin live updates: Trump announces 35% tariffs on Canadian imports</p>

<p>"We are committed to continuing to work with the United States to save lives and protect communities in both our countries," Carney added.</p>

<p>The tit-for-tat public proclamations from Trump and Carney follow a hiccup in trade negotiations late last month, when Trump suspended talks over Canada's plans for a Digital Service Tax, which would have imposed a 3% levy on U.S. technology companies. Talks resumed days later after Canada abandoned plans for the tax.</p>

<p>Canada previously retaliated against tariffs with levies on U.S. goods, slapping tariffs on $20.7 billion of goods in March as well as 25% tariffs on non-USMCA compliant autos in April. As of early Friday, Canada had not announced another round of retaliatory tariffs in response to the latest levies.</p>

<p>In his social media post on Thursday, Carney noted that Canada has sought trade agreements with other countries in an effort to bolster its economy.</p>

<p>"We are building Canada strong," Carney said.</p>

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July 11, 2025

Why did Trump slap new tariffs on Canada?

<p>- Why did Trump slap new tariffs on Canada?</p> <p>MAX ZAHNJuly 11, 2025 at 11:16 PM</p> ...

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