President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

President Donald Trump reignited America’s on-again, off-again trade war with Canada on Thursday in a catty letter to Prime Minister Mark Carney. Trump threatened to impose a 35 percent tariff on Canadian goods beginning Aug.

President Donald Trump late Thursday threatened a 35% tariff on goods imported from Canada, a dramatic escalation in an on-again, off-again trade war with America’s northern neighbor and one of its most important trading partners.