According to Experts.news, on July 20, U.S. President Donald Trump signed three executive orders imposing additional 50% tariffs on certain goods from Canada. The new rates are set to take effect on August 19, 2026, and will cover Canadian imports worth approximately $20 billion, or about 5.2% of all goods shipped from Canada to the U.S. in 2025.
Washington justifies this decision by citing discrimination against American automobiles, alcoholic beverages, and dairy products in the Canadian market. However, the U.S. tariffs are not limited to these specific goods. The White House has compiled three broad lists of Canadian products intended to exert economic pressure on various sectors of the country.
Which Products Will Be Affected by the Tariffs
The first group includes virtually all major types of Canadian-produced alcoholic beverages: beer, wine, vermouth, cider, other fermented beverages, ethyl alcohol, whiskey, rum, gin, vodka, liqueurs, and other spirits. The tariff will be levied in addition to standard customs duties.
The alcohol proclamation is a response to the decision by most Canadian provinces to halt the purchase and sale of American alcohol. According to the White House, imports of alcoholic beverages from the U.S. to Canada fell by 81% between March 2025 and February 2026—from $718 million to $137 million.
The second group covers dairy products and ingredients for the food industry. The list includes dry and concentrated milk, cream, whey, lactose, milk proteins, casein, and certain mixtures based on dairy components. These products are used not only in retail but also in the production of confectionery, baby food, sports nutrition, baked goods, and ready-to-eat food mixes.
Washington cites Canada’s tariff quota system for cheese as the reason for this decision. The U.S. argues that the terms of access for American suppliers to the Canadian market are less favorable than those granted to European Union producers under the CETA agreement.
The third and broadest list includes products not directly related to the automotive sector. Among them are cement, seeds and planting material, flowers, honey, certain food ingredients, essential oils, cosmetics, plastic products, packaging, paper products, wood panels, and furniture.
The list also includes clothing, textiles, footwear, leather goods, headwear, wigs, tools, fishing rods, swimming pools, and some sports equipment, including hockey sticks and other hockey gear.
Thus, the U.S. measures could affect both large industrial enterprises and small manufacturers of wine, furniture, clothing, cosmetics, sporting goods, and gardening products.
Which goods will not be subject to the new measures
The White House has excluded Canadian energy products, potash fertilizers, fish, and critical minerals from the new regime. Goods already subject to U.S. Section 232 sector-specific tariffs—including many types of steel, aluminum, copper, wood, cars, trucks, and pharmaceutical products—will not be subject to additional tariffs.
This limits the immediate scope of the decision. The U.S. is not imposing a 50% tariff on all Canadian imports, as a sharp rise in the prices of oil, gas, electricity, fertilizers, and industrial metals would cause serious harm to U.S. companies themselves.
At the same time, the new tariffs even apply to goods that meet the rules of origin under the United States-Mexico-Canada Agreement (USMCA). Previously, such goods could move between the three countries duty-free.
What Will Change for American Consumers
Formally, the tariff is paid by the American company importing the goods. It may require the Canadian supplier to lower the price, partially reduce its own margin, or pass the additional costs on to the buyer.
A 50% tariff does not necessarily mean an automatic 50% increase in the retail price, since the import cost is only part of the final price. However, for goods with a small markup, shipments from Canada may become economically unviable.
The most noticeable price increases may occur in the northern U.S. states, which have close ties to Canadian suppliers. This primarily applies to cement, building materials, furniture, beverages, and certain food products.
Higher tariffs on cement could increase costs for residential and infrastructure construction. Cement is difficult and expensive to transport over long distances, so not all regions will be able to quickly replace Canadian supplies with products from other parts of the world.
In the alcohol sector, some Canadian brands may disappear from U.S. stores and restaurants or move into a higher price category. A similar situation is possible in the hockey equipment market, where Canada is not only a major consumer but also an important manufacturer of specialized products.
What Lies Ahead for Canadian Manufacturers
For Canadian exporters, the U.S. is the primary and closest market. A 50% tariff could lead to a decline in orders, reduced capacity utilization, and pressure on manufacturers’ profits—especially if they are unable to quickly find buyers in other countries.
The most vulnerable will be companies located near the U.S. border and focused primarily on the U.S. market. Small wineries, furniture factories, and manufacturers of clothing and sports equipment will find it more difficult to redirect their products than large international corporations.
Canada will likely try to accelerate the reorientation of its exports toward the European Union, the United Kingdom, Asian countries, and other markets. However, transportation costs, differences in standards, and the need to rebuild distribution networks will limit the speed of this transition.
Who stands to gain from the trade realignment
The market share vacated by Canadian suppliers in the U.S. market could be filled by manufacturers from Mexico, the European Union, Latin America, and Asia.
European, Chilean, Argentine, and Australian companies may gain additional opportunities in the wine market. Manufacturers of clothing, furniture, and consumer goods from Mexico and Asian countries will also be able to increase their shipments to the U.S.
A similar process has already been observed in the Canadian market following restrictions on imports of U.S. alcohol. The White House notes that Canada has increased imports of beverages from the EU, Chile, Japan, Argentina, Ireland, New Zealand, and Australia.
However, such a shift does not always lower prices. Replacing a nearby Canadian supplier with a more distant producer increases transportation costs and complicates logistics.
The Risk of a New Round of the Trade War
Canadian Prime Minister Mark Carney expressed a willingness to continue negotiations but emphasized that the trade conflict is already increasing costs for families, particularly in the U.S. Ontario Premier Doug Ford called for retaliatory tariffs on a comparable volume of goods should the U.S. measures take effect.
If Ottawa introduces new retaliatory measures, they could target U.S. food products, alcohol, automobiles, industrial equipment, and goods from states that are politically significant to the Trump administration.
The conflict would then begin to affect not only specific product categories but also companies’ investment decisions. Businesses would be more cautious about locating new production facilities on both sides of the border, and inventories of components could increase as a safeguard against further restrictions.
Why This Decision Is Important for Global Trade
The legal basis for the tariffs is particularly significant. Trump invoked Section 338 of the Tariff Act of 1930, which allows for the imposition of up to 50% in additional duties against a country that discriminates against U.S. trade. According to Reuters, this is the first known instance of this provision being invoked in nearly a century.
The precedent set allows Washington to use a similar mechanism against other trading partners if their taxes, quotas, licensing requirements, or government procurement practices are deemed discriminatory toward U.S. companies.
This increases uncertainty for global business. Even the existence of a free trade agreement no longer guarantees that goods will be protected from additional U.S. tariffs.
The immediate impact of the new measures on the global economy will be limited, as they cover about $20 billion in imports.
However, the consequences could be significantly greater if Canada responds in kind and the U.S. begins to invoke Section 338 against other countries.
In that case, companies will more actively shift production closer to their main markets, create alternative supply chains, and reduce their dependence on any single country. This could increase trade resilience but, at the same time, raise the cost of goods and fuel inflation.
The new tariffs are not scheduled to take effect until August 19, so Washington and Ottawa have about a month left to negotiate. The ultimate outcome will depend on whether the parties can reach an agreement on automobiles, U.S. alcohol, and access for U.S. dairy producers to the Canadian market.
The number of inquiries from foreign clients regarding the purchase of luxury real estate in the U.S. during the first five months of 2026 doubled compared to the same period last year, according to an interim report by Coldwell Banker Global Luxury published on July 14.
The calculation is based on data from the international platform JamesEdition and reflects trends in buyer inquiries from January 1 through May 10, 2026, compared to the same period in 2025. Thus, this reflects a rise in interest among potential clients, rather than a doubling in the number of closed deals.
California accounted for the largest share of inquiries from foreign buyers. New York and Florida followed, with New York in particular showing the highest growth rate in interest from abroad. Foreign investors view American premium-class properties as a way to geographically diversify their assets and preserve capital over the long term.
Another trend has been the rise of so-called “landmaxxing”—the acquisition of neighboring homes and land parcels to expand one’s estate, enhance privacy, preserve the view from windows, or create multi-generational family estates. Demand for unique properties—including estates, historic buildings, branded residences, and private islands—has risen by 146%, while interest in land parcels has increased by 97%.
Nearly 40% of luxury real estate professionals surveyed reported that affluent buyers are willing to purchase homes in need of renovation if they are located in a prestigious neighborhood. At the same time, 63% of real estate agents noted an increase in the share of cash transactions among clients in the premium segment, compared to 51% a year earlier.
According to the latest study published by the National Association of Realtors, covering transactions from April 2024 through March 2025, foreigners purchased 78,100 U.S. residential properties with a total value of $56 billion. The number of purchases rose by 44%, and their total value increased by 33.2%. The median price of residential properties purchased by foreign buyers reached a record $494,400, with 47% of transactions paid for entirely in cash.
The top 10 countries of origin for foreign buyers included China with a 15% share, Canada with 14%, Mexico with 8%, India with 6%, the United Kingdom with 4%, as well as Brazil, Colombia, Nigeria, and the UAE, each with 3%. Israel ranked tenth with a 2% share. These figures apply to the entire U.S. residential real estate market, not just the luxury segment.
Among U.S. states, the top destinations for foreign buyers remained Florida, which accounted for 21% of transactions, California—15%, Texas—10%, New York—7%, and Arizona—5%.
In January–June of this year, Ukraine increased its exports of processed pig iron by 11.1% in volume terms compared to the same period last year—to 981,461 thousand metric tons from 883,174 thousand metric tons.
According to statistics released by the State Customs Service (SCS), 183,780 thousand metric tons of pig iron were exported in June, 159,378 thousand metric tons in May, in April—181,670 thousand metric tons, in March—168,493 thousand metric tons, in February—194,345 thousand metric tons, and in January—93,795 thousand metric tons.
From January through June 2026, pig iron exports in monetary terms increased by 11.3% to $388,890 million. Exports were primarily directed to the United States (86.25% of shipments in monetary terms), Turkey (9.16%), and Italy (2.33%).
In the first six months of this year, the country imported 15 metric tons of pig iron from Germany worth $35,000, compared to 29 metric tons worth $55,000 during the same period last year.
As previously reported, in 2025 Ukraine increased its pig iron exports by 53.5% in volume terms compared to 2024—to 1,980,620 metric tons—and by 51.9% in revenue, to $759,882 million. Exports were primarily shipped to the United States (68.25% of shipments by value), Italy (20.26%), and Turkey (3.63%).
Last year, the country imported 39 thousand metric tons of pig iron worth $78 thousand from Germany (51.95%) and Brazil (48.05%), while in January–December 2024, 38 metric tons worth $90 thousand were imported.
Starting March 12, 2025, the United States, pursuant to a decision by President Donald Trump, began imposing a 25% tariff on imports of Ukrainian steel products, excluding pig iron.
The Experts Club Information and Analytical Center recently released a video analysis of the top 20 steel-producing countries – https://youtube.com/shorts/j7Yev2HCS4o?si=lfmGJ5jrx8036z1U
U.S. President Donald Trump said Washington will lift sanctions against Turkey that were imposed because Ankara purchased Russian S-400 air defense missile systems.
“We will lift the sanctions,” Trump told reporters on Tuesday in Ankara, responding to a question about the measures imposed against Turkey under the CAATSA law.
The statement came at the start of Trump’s meeting with Turkish President Recep Tayyip Erdogan on the sidelines of the NATO summit in Ankara.
The U.S. imposed sanctions on Turkey in 2020 after Ankara purchased Russian S-400 air defense systems. Washington also excluded Turkey from the F-35 fighter jet program, stating that the use of Russian systems poses risks to American aircraft.
Trump also said that the U.S. would make a decision regarding the possible sale of F-35s to Turkey. According to Reuters, the U.S. administration is ready to support such a deal, but legal and congressional obstacles have not yet been fully resolved.
For Turkey, the lifting of sanctions and a possible return to the F-35 issue would represent a significant breakthrough in relations with the U.S. This is also a sensitive issue for NATO, as Ankara remains one of the alliance’s key members, but its purchase of Russian S-400 systems in recent years has been one of the main sources of friction in its relations with Washington.
The NATO summit in Ankara is taking place against the backdrop of the alliance’s efforts to demonstrate increased defense spending and strengthened military-industrial cooperation. The meeting between Trump and Erdogan has become one of the summit’s central bilateral meetings, as it concerns not only sanctions but also future deliveries of U.S. weapons to Turkey.
The U.S. dollar is rising modestly against the euro, the pound sterling, and the yen on Tuesday morning amid increased demand for safe-haven assets.
The ICE DXY index, which tracks the dollar’s performance against six currencies (the euro, Swiss franc, yen, Canadian dollar, pound sterling, and Swedish krona), is up 0.1%, while the broader WSJ Dollar Index is up 0.09%.
The U.S. military struck two boats belonging to the Islamic Revolutionary Guard Corps (IRGC) and an anti-aircraft missile system position in Bandar Abbas in southern Iran, Fox News reporter Jennifer Griffin reported.
Meanwhile, U.S. Secretary of State Marco Rubio stated that negotiations with Iran in Qatar are ongoing, though finalizing the wording of the agreement between Washington and Tehran could take several days.
Meanwhile, European Central Bank (ECB) Executive Board member Isabel Schnabel said in an interview with Reuters that the regulator will likely have to raise key interest rates in June, even if the U.S. and Iran manage to sign a peace agreement by then.
“Given the scale and duration of the shock we are seeing, it can no longer be ignored,” she said. “Based on the information available at this time, I believe a rate hike will be necessary in June.”
French Central Bank Governor François Villeroy de Galhau, who will step down at the end of May, told Le Figaro in an interview that the regulator will not hesitate to take measures to curb inflation and bring it back to the 2% target.
As of 9:19 a.m., the euro/dollar pair is trading at $1.1631, compared to $1.1643 at the close of the previous session; the single European currency is down about 0.1%.
The pound fell 0.2% against the dollar to $1.3474, compared to $1.3505 at the close of trading on Monday.
The U.S. dollar rose 0.1% against the yen to 159.06 yen, compared to 158.91 yen at the close of the previous session.
The dollar is stable against the offshore yuan at 6.7875 yuan.
Foreign direct investment (FDI) into China’s economy fell by 10.3% year-over-year in January–April, to 287.69 billion yuan ($42 billion), according to the Ministry of Commerce.
The manufacturing sector attracted 78.9 billion yuan, while the services sector attracted 204.2 billion yuan. Notably, investment in high-tech industries rose by 20.3% to reach 166.3 billion yuan.
Luxembourg more than doubled its FDI (by 110.3%), Switzerland increased it by 60.8%, France by 58.3%, and the U.S. by 24.5%, according to data from the ministry cited by Xinhua News Agency.
In January–April, 20,113 new enterprises with foreign capital were registered in China, which was 6.8% higher than the figure for the same period in 2025.
As reported, FDI for 2025 fell by 9.5% to 747.7 billion yuan.
