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.

Just over 100 days into his term, Canadian prime minister Mark Carney is taking aim at the size of the state while ramping up military spending. He’s launched a whole-of-government review, pushing deep cuts,

US stocks fell Friday and the S&P 500 slipped from a record high after President Trump slapped Canada with a 35% tariff and threatened higher levies on most other nations. The S&P 500 plunged 0.4% to 6,253.10 after reaching a new record Thursday of 6,280.46.

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.

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 has confirmed his government’s review of its C$19 billion F-35 fighter jet deal will be completed by the end of the summer, a move fueled by rising tensions with the Trump administration.

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.