US to raise tariffs on Canadian autos to 50% starting 2027
GeopoliticsMacroCommodity Impact 4
The United States will raise import tariffs on cars, trucks, and auto parts from Canada to 50% starting January 1, 2027, doubling the current 25% rate on Canadian auto imports after trade negotiations between the two countries collapsed last week. Meanwhile, the administration of President Donald Trump announced a plan to isolate Iran's economy from the global economy under the name Operation Economic Outcast, threatening secondary sanctions against countries that support Iran. The US is also preparing a 7.5% tariff on imports from China over allegations of Chinese overcapacity, ahead of a summit between the two countries' leaders. West Texas Intermediate crude for October delivery settled at $85.01 a barrel, down $2.05, or 2.35%, and Brent settled at $92.17 a barrel, down $2.22, or 2.35%, as investors took profits and did not place much weight on the new round of Iran sanctions.
