President Donald Trump sounded off on Canada’s currency standing Sunday, declaring the U.S.-Canada dollar “imbalance” unacceptable just two days before a fresh round of Canadian tariffs is set to hit American goods.
“Canada’s (currency) Dollar imbalance with the U.S. is unacceptable,” Trump wrote on Truth Social. “It has been that way for years — but no longer!”
The president’s comments come as one Canadian dollar currently trades at roughly 72 American cents, a dynamic that has helped cement Canada’s position as a net exporter to the United States. According to data from Statistics Canada, the country posted a trade surplus of $769 million in July alone.
That imbalance extends well beyond a single month. Canadian businesses have consistently sold more to American buyers than they’ve purchased in return, and U.S. Census Bureau data shows the American trade deficit with Canada topped $48 billion last year.
The dispute is set to escalate further this week. Canada’s “dollar for dollar” import taxes on certain U.S. goods are scheduled to take effect Tuesday, arriving roughly two weeks after Trump’s own 50 percent tariffs on $27.6 billion worth of Canadian products officially kicked in.
The upcoming Canadian tariffs will affect about 5 percent of the products American businesses import from Canada, which ranks as the United States’ second-largest trading partner behind Mexico. According to an announcement last month from Canada’s Department of Finance, the countermeasures will zero in on steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics.
The currency dispute is the latest flashpoint in an escalating trade war between Trump and Canadian Prime Minister Mark Carney. Trump has repeatedly gone after Carney throughout the standoff, accusing him of wanting Canada to enjoy the benefits of being part of the United States without actually joining the union. The president has floated the idea of annexing Canada on multiple occasions during his second term.
Trump didn’t stop at Canada on Sunday. Later in the afternoon, he broadened his criticism to net exporting nations in general, posting a graphic on Truth Social accusing them of relying on eight “hidden tricks” to gain an economic edge over the United States.
Among the tactics Trump highlighted were devaluing their own currencies, selling goods below market value, copying American products, and collecting cash rebates on their exports.
The escalating war of words and tariffs marks another chapter in Trump’s broader push to reshape U.S. trade relationships with its neighbors, with both sides now bracing for new economic measures to take effect this week.
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