The move comes amid a separate push by President Trump to increase tariffs on dozens of U.S. trading partners, including Mexico, which was told over the weekend to expect 30% tariffs starting in August.

Ford Motor's Q2 earnings will reveal tariff impacts, but tax changes are yet to be reflected; policy volatility clouds outlook. Click to read why F is a Hold.

Stocks dipped on Tuesday as new consumer price index data showed rising inflation and the Aug. 1 deadline for Trump’s tariff campaign loomed.

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.

The Dow, S&P 500 and Nasdaq retreat from record highs as President Trump rolled out a fresh tariff against Canada, following Brazil hit. Meanwhile, the Federal Reserve and Chairman Powell are under fire for spending on renovations.

As President Trump ramps up the pressure on dozens of countries, trade experts fear U.S. tariff policy leaves consumers and businesses in limbo.

The president has earned a reputation for bluffing on tariffs. But he has steadily and dramatically raised U.S. tariffs, transforming global trade.

Asian shares finished mostly higher despite lingering worries about President Donald Trump's latest updates to his tariffs.