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President Donald Trump raised the tariffs on Canadian goods to 35% last week, but a key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties.

The tax package that President Donald Trump signed into law last month included a rule change that attacked what’s been an important source of revenue for Rivian and Tesla for years.

Canadian Prime Minister Mark Carney said he wants to maximize the impacts of retaliatory tariffs on the U.S. but minimize the pain for Canadian businesses.

Prime Minister Mark Carney said Aug. 5 the guarantees will ensure forestry companies of all sizes can maintain and restructure their operations.

The federal government had already approved 657 waivers to allow companies such as Amazon and major utilities to do this in certain circumstances, but the waiver process made it difficult.

Trump last week announced that exports of Swiss goods to the U.S. will face a 39% tariff starting Aug. 7.

Grace Ocean Private and Synergy Marine, the owners of the Dali, filed the lawsuit last week against Hyundai Heavy Industries in U.S. District Court for the Eastern District of Pennsylvania.

The goods and services trade gap shrank 16% from the prior month to $60.2 billion, Commerce Department data showed Aug. 5.

Caterpillar — seen as a bellwether of the health of the global economy — saw total sales slip in both construction and resource industries.

Copper rose as traders digested President Donald Trump’s decision to spare the most traded form of the metal from his 50% tariff, while a mine accident in Chile raised supply concerns.