President Donald Trump late Thursday threatened a 35% tariff on goods imported from Canada, a dramatic escalation in an on-again, off-again trade war with America’s northern neighbor and one of its most important trading partners.

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.

For many countries, the reprieve from President Donald Trump’s eye-watering tariffs, which were implemented on April 2 and temporarily reduced to 10% a week later, is soon set to come to an end. The 90-day pause,