The deadline for the duties to go into effect are still three weeks, which may mean the announcements could be a negotiating move.

President Donald Trump announced a new set of duties on Canadian goods that were not covered by existing sectoral tariffs.

The letter reiterated Trump’s complaints about dairy quotas, fentanyl and the U.S. trade deficit, which is mostly fueled by American refineries’ thirst for Canadian oil. His social media post caused the Canadian dollar to immediately tumble, indicating the market wasn’t expecting this escalation.

El presidente Donald Trump amenazó con imponer un arancel del 35% a algunos productos canadienses y planteó la posibilidad de aumentar los gravámenes a la mayoría de los demás países, intensificando su retórica comercial en unos comentarios que lastraron las bolsas e impulsaron el dólar estadounidense.

Latest news and live updates as Marco Rubio meets with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.