US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

The sector-specific tariffs are putting pressure on businesses and foreign nations as they try to navigate Trump's constantly evolving trade agenda.

The dollar rose and Commerzbank said since Trump is announcing the tariffs in increments, the market seemed to be coping better than it did in April—when steep levies were unveiled at once.

President Trump sent tariff letters to more than 20 countries urging them to reach trade deals with the U.S. by Aug. 1, further escalating threats to partners including Canada. Trump also announced a 50% tariff on copper imports.

President Donald Trump threatened to double the baseline universal tariff to 20%, citing record stock gains to dispel fears that such a move would hammer the global economy. Even as financial markets barely budged on the news,

Price increases could hit coffee, shoes, appliances and other products as a result of President Donald Trump’s new tariffs in recent days, analysts told ABC News.

Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be