The updated summary states that the administration imposed 50% tariffs on more than 500 Canadian goods, affecting about $20 billion in trade and potentially influencing roughly 5% of Canadian exports, and notes the measures apply to goods protected under USMCA. It identifies the tariffs as being enacted under Section 338 of the Tariff Act of 1930 and emphasizes Canada’s condemnation and readiness to counter, with ongoing diplomacy and potential future negotiations. The update also suggests broader macro effects on cross-border manufacturing, currency dynamics, inflation, and risk assets, and references previous tariff moves in 2025 as part of a continued policy shift.