Trump Imposes 35% Tariff on Canada, Brazil Vows Retaliation as Coffee Prices Surge
U.S. President Trump has announced a 35% tariff on Canada starting in August, which is a 10% increase from the current 25%. Trump stated he might reconsider the tariff if Canada cooperates in combatting drug trafficking. Canadian Prime Minister Trudeau emphasized the protection of labor and businesses, while also pursuing trade diversification with ASEAN countries.
Meanwhile, Brazilian President Lula has vowed to retaliate with equivalent measures after the U.S. imposed a 50% tariff on Brazil. This is expected to lead to rising prices for coffee and orange juice in the U.S. market, impacting consumers significantly.
