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,

The deficit continued to widen ahead of Trump's "Liberation Day" slate of tariffs, which introduced reciprocal tariffs against dozens of U.S. trading partners. Those tariffs ranged from 10 percent to as high as 50 percent (which was applied to Lesotho).