If implemented, Trump's new 35 percent duties will be "separate from all Sectoral Tariffs," such as the 50 percent tariff on steel and aluminum imports. Trump also promised that, if Canada raises its own tariffs in response, then "whatever number [Canada chooses] to raise them by, will be added onto the 35% that [the U.S. charges]."

Donald Trump surprised markets late Thursday with a letter announcing a 35% tariff on Canadian goods, but some notable industries such as energy could get some relief from the new threat.

The deadline for the duties to go into effect are still three weeks, which may mean the announcements could be a negotiating move.

As the U.S president threatens Canada with blanket 35% tariffs, Paul Donovan, Chief Economist at UBS Global Wealth Management, says the next wave of Trump tariffs may have little or no impact on U.S.

Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be