US President Donald Trump signs an order raising tariff rate on Canada from 25% to 35%

The White House announced late Thursday that US President Donald Trump has signed an Executive Order increasing the tariff on Canada from 25% to 35%, with the higher tariff set to take effect on August 1, 2025.

Market reaction

At the time of writing, the USD/CAD pair is trading 0.01% lower on the day to trade at 1.3855.

Aug 1, 2025

Australia S&P Global Manufacturing PMI fell from previous 51.6 to 51.3 in July

EUR/USD steadies near 1.1400 as hot US data supports Fed hold, eyes on NFP

The EUR/USD recovered some ground on Thursday, up a modest 0.10% after data from the United States (US) revealed a strong economy, justifying the Federal Reserve’s reluctance to reduce rates, as witnessed on Wednesday. AT the time of writing, the pair trades at 1.1417, virtually unchanged.