Canada’s steel industry fears that Chinese steel facing steep tariffs in the United States will be sent north and overwhelm the Canadian market.

A staffer works in a steel company that makes high-end automotive spring steel in Ma'anshan, East China's Anhui Province on June 24, 2025. Chinese companies are advancing their efforts in new quality productive forces, a new development paradigm, to improve total factor productivity. Photo: VCG

The two countries are aiming for a 1 August deal even after Trump announced a new 35% tariff on imports from Canada last week.

MSNBC's Lawrence O'Donnell and Jen Psaki discuss the breaking news that Donald Trump is now threatening Canada with tariffs of 35% claiming the "flow of fentanyl" from America's northern neighbor as his reason.

Marco Rubio meets with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.

President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.

"Imposing 30 percent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic," European Commission President Ursula von der Leyen said in a statement on July 11, in a response to Trump's letter.