Trump this spring imposed a 25% tariff on cars and car parts, including those from Canada. But certain cars and parts qualify for preferential treatment under the USMCA, meaning the 25% tariff applies only to the non-U.S. content of the automobile or part.

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.

President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

The dollar edged up across the board on Friday as U.S. President Donald Trump's ramped-up tariffs on Canada and other trading partners sparked a flight to safety. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.

Plus, the Justice Department has subpoenaed 20 doctors and clinics involved in “performing transgender medical procedures on children.”

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,