The trade community quickly reacted Tuesday to the news that President Trump is set to impose 50% tariffs on an array of Canadian goods. "Businesses should treat them as a credible possibility," Andrew Siciliano, head of trade at KPMG, said in a note to Yahoo Finance. President Donald Trump awaits the arrival of President of Lebanon at the White House on July 21 in Washington. The president added that even more Canadian tariffs could be coming in the weeks ahead in response to smoke from recent wildfires. He noted that Canada is looking to "modernize" the USMCA trade pact to try and address one complaint from Trump.