The 47th president reminded Carney that the U.S. had imposed a 25% tariff against Canada in February for its alleged “failure” to stop the flow of fentanyl across its border into the States. He also complained about his northern neighbor’s reciprocal tariffs, which Canada implemented in retaliation for Trump’s tax on Canadian goods.
“If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” wrote Trump. “These Tariffs may be modified, upward or downward, depending on our relationship with your Country. You will never be disappointed with the United States of America.”
Friday’s stock market wobble comes amid an extended rally in the markets since late April. After Trump unveiled his severe tariff policies on April 2, a date he called “Liberation Day,” major stock indices like the S&P 500 tanked. But, beginning in late April, they rallied as investors grew unafraid of Trump’s tariff bluster.
By early May, the markets had regained most of their April losses. And by late June, the S&P 500 notched record highs as Trump announced tariff deals with China and other major trading partners.
