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.

President Donald Trump said the US will put a 35% tariff on some imports from Canada, escalating the tensions between two countries that have impaired one of the world’s largest trading relationships.