The S&P 500 declined 0.33% after President Trump threatened a 35% tariff on Canada. The market showed flat performance over the week after reaching record highs. Canada faced a previous 25% tariff related to fentanyl issues. Trump’s letter suggested tariffs could change depending on U.S.-Canada relations. Canadian Prime Minister Carney confirmed ongoing negotiations with the U.S. to advocate for Canadian interests. Trump also mentioned possible increased tariffs on other trading partners.
The S&P 500 posted a daily decline of 0.33% and was essentially flat over the past week, amid President Trump's announcement of a new tariff on Canada.
Trump threatened to impose a 35% tariff on Canada starting August 1, citing issues related to fentanyl trafficking and Canada’s reciprocal tariffs.
In a statement, Canadian Prime Minister Carney committed to continuing negotiations with the U.S., emphasizing strong defense of Canadian workers and businesses.
Trump indicated potential adjustments to the tariff rate based on Canada's cooperation in stopping fentanyl flow into the U.S., reflecting on the evolving trade relationship.
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