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

President Donald Trump announced a new set of duties on Canadian goods that were not covered by existing sectoral tariffs.

The pause on the biggest of Trump's tariffs won't end this week, as planned, but the problems they present still loom large.

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.

US stocks mostly fell on Friday after President Trump threatened Canada with a 35% tariff on its imports to the US and floated higher blanket levies on most trading partners. The

On Thursday, the president announced a 35 percent tariff on all Canadian goods not covered by the United States-Mexico-Canada Agreement (USMCA) to take effect on August 1, unless a trade deal is reached before then.

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.

Trump has spent the past several days sending letters to world leaders about new tariffs the United States would be imposing on them.