Canadian exporters and importers continue to face U.S. and Canadian tariffs. The United States recently increased tariffs on Canadian goods that are not compliant with the Canada-U.S.-Mexico Agreement (CUSMA) to 35% (from 25%) effective August 1, 2025. Earlier this year, Canada imposed 25% retaliatory tariffs on certain U.S. goods in response to previous U.S. trade measures, though many of those retaliatory tariffs continue to be wound back. While Canada continues to release details of support measures intended to help businesses mitigate the economic impact of tariffs, including industries such as lumber, steel, aluminum, and automobiles, it appears that affected Canadians will have to continue to adapt to the uncertainty created by these ongoing trade announcements.
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