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President Donald Trump’s global reset of trade relationships will remain in the spotlight this week as his administration moves forward with sweeping new taxes on imports.
The White House said last week that the new tariff rates, originally slated to take effect Aug. 1, will come into force on Thursday in order to give U.S. Customs and Border Protection officials additional time to prepare to collect the duties.
WHERE TRUMP’S TARIFFS STAND NOW AND THE WINDING ROAD THAT LED US HERE
In the days leading up to the Aug. 1 deadline, Trump announced trade deals with Japan, the European Union, and South Korea. So far, 11 of the U.S.’s top 15 trading partners have agreed to broad trade deals.
Last week, Trump raised import tariffs on goods from Canada to 35%, signaling a widening rift with America’s second-largest trading partner.
White House press secretary Karoline Leavitt previously singled out Ottawa during a July 17 press briefing, saying “our neighbors to the north have been pretty difficult to deal with” when asked about the ongoing trade talks.
WHITE HOUSE SAYS CANADA HAS BEEN ‘DIFFICULT’ AS TRADE DEADLINE LOOMS
Speaking to CBS News on Sunday, Dominic LeBlanc, Canada’s lead on U.S. trade relations, said Prime Minister Mark Carney is likely to hold talks with President Trump “over the next number of days.”
Meanwhile, the U.S. struck temporary truces with China and Mexico as trade representatives continue negotiations.
TRUMP ANNOUNCES TRADE DEAL WITH EUROPEAN UNION
So far this year, the U.S. has collected over $150 billion in tariff revenues, according to Treasury data. In July alone, collections exceeded $29 billion, the highest monthly total to date in 2025.
Trump administration officials, including Treasury Secretary Scott Bessent, have previously said the tariffs could generate more than $300 billion in revenue for the federal government.
American consumers often end up bearing the cost of tariffs, as U.S. businesses pass along higher prices to offset the economic burden.
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