The pause on the biggest of Trump's tariffs won't end this week, but the president continues to pledge steep new duties against major countries.

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

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 has announced he’s levying tariffs of 30% against the European Union and Mexico starting August 1. Trump announced the tariffs Saturday on two of the United States' biggest trade partners in letters posted to his social media account.

US stock futures fell on Friday after President Trump threatened Canada with a 35% tariff on its imports to the US and floated higher blanket levies. Late Thursday, Trump on Truth Social posted a letter to Canadian Prime Minister Mark Carney,

Although markets are trying to shrug off the week's U.S. tariff threats as yet another negotiation tactic, there's growing unease at the daily barrage, the latest being a 35% tariff on Canadian goods and higher levies on other countries.

Latest news and live updates as Marco Rubio meets with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.