Those under CUSMA are exempt from the tariff. More on Canada Trump raises tariffs on Canada to 35% with no trade deal in sight What happens on Aug. 1 if Canada can’t get a trade deal with Trump? Canadian job vacancies fell to a near 8-year low amid hiring freezes Here is the full transcript of Carney's response,

Trump’s tariff hike still hits goods that are not covered by the USMCA. The Bank of Canada forecast this week that up to 95 percent of Canadian exports could qualify for exemptions under that agreement. Meanwhile, the share of Canadian companies claiming tariff exemptions has soared.