In a significant escalation of trade tensions, President Trump has announced a 35% tariff on imports from Canada, effective August 1. The decision comes amid ongoing trade negotiations and is seen as a response to Canada’s role in the U.S. fentanyl crisis. Trump has warned of potentially higher rates for other nations as well, hinting at a broader tariff strategy. Following the announcement, stock futures have dipped while the dollar has gained strength. The auto industry and market analysts are closely monitoring the situation, as the move has raised concerns about further retaliatory actions from Canada and its impact on global trade.