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President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

The tariff level on Canada would take effect from Aug. 1, the president said. The announced rate is an increase from the current 25% tariff that’s imposed on US imports from Canada that aren’t shipped under the terms of the US-Mexico-Canada Agreement.

“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Canadian Prime Minister Mark Carney, posted on social media Thursday.
Trump’s announcement on Canada came as he told NBC News on Thursday that he’s also eyeing blanket tariffs of 15% to 20% on most trading partners. The current global baseline minimum tariff rate for nearly all US trading partners is 10%.

Today's show features:

• Bloomberg News Senior White House Correspondent Josh Wingrove on President Donald Trump's latest tariff announcements against Canada and his exclusive on Vietnam’s trade war response.
• Ann Miletti, Head of Equity Investments at Allspring Global Investments on the market outlook heading into earnings season
• Bloomberg News National Security Reporter Nick Wadhams on the latest developments from the War in Ukraine and the report that North Korea is supplying as much as 40% of Russia's ammunition
• CFO Briefing with Harmit Singh, Chief Financial and Growth Officer of Levi Strauss & Co. and Bloomberg News Senior Editor Nina Trentmann