Major stock indexes were slightly lower on Friday as U.S. President Donald Trump's announcement of tariffs on imports from Canada fanned worries about trade tensions, with the Canadian dollar down against the greenback.

The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

US stocks fell on Friday after President Donald Trump threatened a 35% tariff on Canada — a sharp escalation in an ongoing trade war.

Canada faces another set of tariffs in its ongoing trade talks with the U.S. However, in this latest round of tariff announcements, investors have learned to largely tune them out as negotiating bluster rather than policy commitments.

Trump's tariffs have companies scrambling as they navigate cost increases. Here are the companies that have talked about hiking prices.

Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.

President Donald Trump’s threat to boost import taxes by 50% over Brazilian goods could drive up the cost of breakfast in the United States.

The U.S. Treasury Department on Friday will reveal the strength of President Donald Trump's tariff revenues in its June budget data, as collections from multiple waves of new import duties start to build into a substantial government revenue source.