The letter reiterated Trump’s complaints about dairy quotas, fentanyl and the US trade deficit, which is mostly fueled by US refineries’ thirst for Canadian oil. His social media post caused the Canadian dollar to immediately tumble, indicating the market wasn’t expecting this escalation.

Trump is nearing the end of a self-imposed 90-day deadline to strike deals with nearly every U.S. trading partner as he works to reorder global trade by giving America a competitive advantage through tariffs on foreign goods. Trump now says that the deadline could be extended past July 9 or even accelerated.

Barely a week after Trump and Prime Minister Mark Carney restarted trade talks, with Canada targeting an agreement by July 21, Trump published a new broadside on one of the U.S.’s largest trading partners, threatening a 35 per cent tariff.

President Donald Trump has threatened a 35 percent tariff on Canadian goods and says he may soon double what other nations are charged. Trump is playing hardball with countries yet to make fresh trade deals with his administration following his so-called ‘Liberation Day’ in April.