After Canada failed to strike a trade deal with Washington, the president raised tariffs on some Canadian exports this week.

U.S. President Donald Trump on Thursday signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the U.S.-Mexico-Canada trade agreement, the White House said.

Because of the USMCA exemption, the effective tariff rate on US imports of Canadian goods was around 5%, according to estimates published July 30 by the Bank of Canada. That will now rise slightly. Economists at Bank of Nova Scotia estimated recently that the effective tariff rate would be between 6% and 7%.