A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

The move injects fresh turmoil into a strained bilateral relationship as Prime Minister Mark Carney negotiates a new economic partnership with the United States.

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.

Trump, 79, notified Canadian Prime Minister Mark Carney of the incoming tariffs in a letter – one of dozens the president has fired off to foreign leaders this week ahead of an Aug. 1 deadline for

Canada's retail sales shrank by 1.1% in May as consumers curtailed car purchases and spent less at supermarkets, convenience stores and on alcohol, data showed on Thursday.

Trump recently said he will impose a 35% tariff on Canada, the latest salvo in his on-again, off-again trade war with the U.S. ally and top trade partner.

President Donald Trump’s vows to roll out punishing new tariffs on Aug. 1 have barely made a ripple with investors who are convinced he’ll once again back down. But at the White House, officials insist they’re serious this time.

Earlier this month, Trump said that more than 150 countries would receive a letter including a tariff rate of “probably 10 or 15%."