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Bar chart comparing new US tariff rates across Canadian export categories, showing energy and potash exempted while dairy faces 50 percent.

Three new Section 338 proclamations impose a 50% tariff on roughly $20 billion of Canadian goods, targeting dairy, alcohol, and select vehicle categories the US says show discriminatory treatment. Energy, potash, and critical minerals were explicitly left out, which is largely why Canadian stocks barely reacted to the announcement. The tariffs take effect August 19, and the two governments agreed to accelerate trade talks the same week they were signed, leaving roughly four weeks for negotiations to change the outcome.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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