The 35% tariff kicked in today on Canadian goods. How big of an impact will it have?

With the signing of an executive order, U.S. President Donald Trump upped Canada's tariff rate to 35 per cent, effective at 12:01 a.m. today.

That's a 10 per cent increase on the 25 per cent rate that has been in effect on Canadian goods headed south of the border since March , and is a blanket tariff that will apply to Canadian products across the board.

However, that doesn't paint the whole picture. A very small number of Canadian products will be subjected to the 35 per cent tariff.

That's because the tariffs don't apply to all goods that are subject to the Canada-U.S.-Mexico Agreement (CUSMA), the existing free trade deal governing trade between the three countries. Those products can keep going across the border free of tariffs.

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