Trump Signs Proclamation Reshuffling 50% Tariffs on Canadian Imports Ahead of Midterms

President Donald Trump signed a proclamation altering Section 338 tariffs on Canadian imports, reshuffling categories subject to 50% levies while leaving the total affected trade intact at roughly $20 billion, or about 5% of Canadian exports to the U.S. The measures take effect October 30, 2026. The move exempts items across nine agricultural and forestry categories—including blueberries, apples, and paper products—following lobbying by Maine Senator Susan Collins, but adds duties to other goods like carpets and valves. Markets showed little reaction, with USD/CAD trading down 18 pips to 1.3990.