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Several countries missed the deadline to make a trade deal with the US or face higher tariffs.
One of those countries is Canada. President Trump is increasing the tariff on that country from 25% to 35% beginning on Friday, after the U.S. neighbor to the north failed to help curb the imports of fentanyl and other illicit drugs.
Trump also signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7 — the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades.
And after recent negotiations with Mexico, Trump has granted that country a 90 day extension on higher tariffs.