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.

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.

Canadian Prime Minister Mark Carney's statement came after US President Donald Trump said the new tariff rate would go into effect on August 1 and would go up if Canada retaliated.

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.

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

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.

The investments that Prime Minister Mark Carney held before handing them over to a blind trust have been publicly disclosed by the ethics commissioner.