US President Donald Trump announced that the US will impose a 35% tariff on certain products imported from Canada after the trade negotiations broke down, according to foreign media reports.This new rate marks an increase from the 25% tariff in early March, as Canada is perceived to have failed in cooperating to curb the inflow of opioid fentanyl and other illegal drugs into the US.Related NewsBerkshire Hathaway Quarterly Operating Profit Falls 4% w/ Net Stock Sales for 11 Straight QuartersHowever, the US will retain the tariff exemption rights under the United States-Mexico-Canada Agreement (USMCA), meaning that US importers will continue to be able to import most Mexican and Canadian products duty-free.Under the USMCA exemption, the Bank of Canada expects the actual tariff rate on Canadian imports to the US to inch up from the current rate of about 5%.