Listeners, here’s your latest update on Canada Tariff News and Tracker for September 17, 2025.

The landscape of tariffs between Canada and the United States has shifted dramatically over the past few months. Starting August 1, the U.S. government, under President Trump, raised tariffs on a wide range of Canadian exports to 35%, up from the previous 25%. This increase does not affect goods covered by the USMCA, known as CUSMA in Canada, but targets many items outside that free-trade agreement, making business for a number of Canadian exporters much more expensive according to Smarter Loans. The Bank of Canada is warning that these tariffs could push core inflation higher in both 2025 and 2026, with recent analyses showing up to 80% of these higher costs being passed straight onto consumers.

Canada initially fought back with its own counter-tariffs on U.S. goods, but just days ago, Ottawa rolled back most of these measures in an attempt to shield local businesses and consumers from worsening trade pressures. Steel, aluminum, and autos remain targeted, meaning these sectors are still in the crosshairs while both governments negotiate. Applied tariffs in Canada overall averaged around 3.4% last year, but peak at nearly 15% for agricultural goods, underscoring just how uneven these impacts are.

Meanwhile, there’s breaking news on the future of North American trade. U.S. trade officials this week formally launched the review process for USMCA, which will be renegotiated next year as the 2026 mandatory joint review approaches, Axios reports. This process is expected to be contentious, especially with Trump's tariffs casting uncertainty over the continental trade framework. The Canadian Chamber of Commerce commented that the unpredictability of U.S. trade policy is making it difficult for Canadian businesses to invest and plan for the future, urging all parties to shore up confidence by improving the agreement itself.

For Canadian listeners tracking real impacts: U.S. businesses are absorbing much of the pain, with retail prices on imported items rising only about 2% between October 2024 and last month, according to a blog from the Peterson Institute. However, the underlying volatility and risk premiums in supply chains are higher than ever, and businesses in both countries are still facing a moving target.

To sum up, tariffs are sharply up on many Canadian goods except those protected under USMCA, Canada’s own counter-measures are now largely eased except for some key sectors, and North America’s trade pact is entering a tense review period—with major consequences for exporters, importers, and consumers on both sides of the border.

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