President Donald Trump said the U.S. will increase its tariff rate on Canadian goods to 35% starting next month. An outline of a trade deal with the European Union is close to being finished, a spokesman for the bloc said Friday,

US stocks fell on Friday after President Donald Trump threatened a 35% tariff on Canada — a sharp escalation in an ongoing trade war. The Dow closed lower by 279 points, or 0.63%. The broader S&P 500 fell 0.

Major stock indexes were slightly lower on Friday as U.S. President Donald Trump's announcement of tariffs on imports from Canada fanned worries about trade tensions, with the Canadian dollar down against the greenback.

Canada faces another set of tariffs in its ongoing trade talks with the U.S. However, in this latest round of tariff announcements, investors have learned to largely tune them out as negotiating bluster rather than policy commitments.

For many countries, the reprieve from President Donald Trump’s eye-watering tariffs, which were implemented on April 2 and temporarily reduced to 10% a week later, is soon set to come to an end. The 90-day pause,