President Trump has announced a 35% tariff on all Canadian imports, effective August 1st. The stated reason for the tariff is Canada's perceived role in the flow of fentanyl into the United States and retaliatory tariffs. Trump warned that these levies could increase if Canada chooses to retaliate against the U.S. action. The move is likely to further strain the already complex relationship between the two countries and could have significant economic implications for businesses and consumers on both sides of the border.