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.

The slouch was slight compared to the market reaction to Trump’s initial “Liberation Day” announcement of “reciprocal” tariffs on April 2.

As the U.S president threatens Canada with blanket 35% tariffs, Paul Donovan, Chief Economist at UBS Global Wealth Management, says the next wave of Trump tariffs may have little or no impact on U.S.

Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be