12:39 PM EST, 03/07/2025 (MT Newswires) -- A day after suspending 25% tariffs on imports from Canada and Mexico covered by a free-trade agreement, U.S. President Donald Trump on Friday said he plans fresh tariffs on lumber and dairy imports from Canada, Bloomberg reported.

Trump said the new tariffs could be imposed as soon as Friday, or early next week, while complaining Canadian tariffs placed on lumber and dairy imports are too high.

"They'll be met with the exact same tariff unless they drop it, and that's what reciprocal means," Trump said Friday in the Oval Office according to Bloomberg. "We may do it as early as today, or we'll wait till Monday or Tuesday, but that's what we're going to do. We're going to do, we're going to charge."

Canada's dairy sector has been a frequent sore spot for the United States, since the country protects domestic dairy, poultry and egg producers under a supply-management system that limits production and manages prices.

The country's softwood lumber exports have also been a target of U.S. ire because most Canadian lumber is harvested from publicly owned lands. The United States, where most lumber is cut on private holdings, claims the

the industry is unfairly subsidized by provincial government which charges stumpage fees lower than what producer in the United States pay.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)