In a Truth Social Post, the U.S. president linked Canadian Prime Minister Mark Carney's announcement that his country would recognize Palestinian statehood to the negotiations with Ottawa to stop a 35% tariff from going into effect at 12:01 am ET on Aug.

President Trump's new tariffs are set to take effect tomorrow after a 90-day pause. Several companies have announced price hikes ahead of the deadline. Former Chair of the Council of Economic Advisors under the Biden administration Jared Bernstein and Managing Partner and Director of Economic Policy Research Henrietta Treyz join Erielle Reshef to explain more on the impact the tariffs will have on the economy.