Trump says global baseline tariff rates will stay at 10%, Canada goes to 35%

President Trump on Thursday confirmed imports from most nations will face a tariff rate of 10%, even as he separately raised levies on Canada to 35%.Why it matters: The baseline rate is unchanged from the global duties Trump set in April, and will come as a relief given his recent hints it could double. But the higher levy on Canada, one of the top U.S. trading partners, threatens to strain an already heavily damaged relationship. Driving the news: After months of delays, sweeping global tariffs are meant to take effect Friday.The U.S. has made some trade deals, or at least short-term truces, though most countries are simply being assigned a rate. Zoom out: The government published a list of around 70 countries Thursday night with the tariff rates that will be charged against their exports.Many nations were reset from their April levels to lower levies of 15%.A couple of countries saw rates rise, like Switzerland and the Democratic Republic of the Congo.Any countries not on that list will get the baseline rate instead. The intrigue: In a separate order, Trump raised duties on Canada to 35% from 25% — though goods covered by the existing USMCA trade agreement remain exempt, as they were before. The Canadian relationship has been fraught with tension, a stark contrast to Mexico, which on Thursday got a 90-day extension to make a better deal. Flashback: When Trump held his "Liberation Day" event April 2 and imposed tariffs, there were two kinds: a 10% global baseline, and higher reciprocal tariffs against dozens of countries.The baseline tariffs went into and stayed in effect, but the reciprocal tariffs were paused. Those are mostly resuming Friday. Trump had recently spoken of the possibility of lifting the baseline rate to 15% or even 20%.Editor's note: This is breaking news. Check back for updates.

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