President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

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President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1274 updates

President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1274 updates

President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1274 updates

President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1274 updates