Trump invokes Smoot-Hawley Act to impose tariffs on Canada
Axios · July 21, 2026Original source ↗
What happened
President Trump announced the imposition of a 50% tariff on select Canadian imports, citing alleged discrimination against U.S. exports. This action is based on a provision of the 1930 Smoot-Hawley Tariff Act, which has not been used in recent times.
Why it matters
The decision may impact trade relations between the U.S. and Canada and affect about $20 billion in Canadian goods.
Who feels this
If you rent your home
Higher tariffs on Canadian goods could lead to increased prices for consumer products, which may affect the cost of living for renters.
If you are a small business owner
Small businesses that rely on Canadian imports may face higher costs due to the new tariffs, potentially leading to increased prices for their goods or reduced profit margins.
If you are an hourly worker
Workers in industries that import Canadian goods might see job instability or wage pressures if businesses pass on the costs of tariffs to consumers or reduce their workforce.
What does this mean for YOU, specifically?
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