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.

Canadian Prime Minister Mark Carney responded on Friday to President Donald Trump's threats to impose a 35% tariff on Canada starting Aug. 1, an increase from the initial 25% tariff rate he had set earlier this year.

Just over 100 days into his term, Canadian prime minister Mark Carney is taking aim at the size of the state while ramping up military spending. He’s launched a whole-of-government review, pushing deep cuts,

Canada’s PM Carney rejects Trump’s fentanyl claims amid 35% tariff threat. US-Canada trade talks extended to August 1 as global tariffs escalate.

A day after President Trump announced a new 35 percent tariff on Canadian goods beginning next month, Prime Minister Mark Carney said Canada had made “vital progress” towards stopping fentanyl.

The Canadian government told employees they may face job losses, as Prime Minister Mark Carney searches for spending cuts to keep the budget deficit in check.

US stocks fell Friday and the S&P 500 slipped from a record high after President Trump slapped Canada with a 35% tariff and threatened higher levies on most other nations. The S&P 500 plunged 0.4% to 6,253.10 after reaching a new record Thursday of 6,280.46.

Canada would bear the brunt of Trump's tariffs in terms of economic contraction, says The Budget Lab of Yale.