Trump Trade: Trump announces 35% tariff on Canada starting August 1st

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

TARIFFS ON CANADA: President Donald Trump stated in a post to Truth Social, “Instead of working with the United States, Canada retaliated with its own tariffs. Starting August 1, we will charge Canada a tariff of 35% on Canadian products sent into the United States, separate from all Sectoral Tariffs.”

BLANKET TARIFFS: President Donald Trump said Thursday he plans to impose blanket tariffs of 15% or 20% on most trade partners, dismissing concerns that further tariffs could negatively affect the stock market or drive inflation, NBC News’ Alexandra Marquez and Steve Kopack report. “We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now,” Trump told NBC News’ “Meet the Press” moderator Kristen Welker in a phone call. Blanket tariffs are currently set at 10%.

BINANCE: Global cryptocurrency exchange Binance assisted President Donald Trump’s World Liberty Financial prior to Binance founder Changpeng Zhao requesting a pardon from Trump after pleading guilty in 2023 to failing to maintain an effective money-laundering program, Bloomberg’s Zeke Faux, Muyao Shen and Anthony Cormier report, citing people familiar with matter. Binance wrote the basic code to power USD1, a stablecoin launched by World Liberty Financial.