A staffer works in a steel company that makes high-end automotive spring steel in Ma'anshan, East China's Anhui Province on June 24, 2025. Chinese companies are advancing their efforts in new quality productive forces, a new development paradigm, to improve total factor productivity. Photo: VCG

Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.

Canadian Prime Minister Mark Carney has said that Canada will introduce a tariff rate quota on countries it has free trade agreements with, excluding the United States, in order to protect its domestic steel industry. Carney announced the new measures on Wednesday.

WASHINGTON — President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

The prime minister pledges to diversify its trading partners away from the US and prioritise the use of Canadian steel.

Investopedia is tracking the prices of toasters, tomatoes and toilet paper—our 3T Survey—for a snapshot of how tariffs are working their way through the economy.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.