President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

The US Dollar gains strength on Friday, lifted by US President Trump’s renewed tariff threats and fading expectations of near-term Fed interest rate cuts. Trump targets Canada with a 35% tariff, citing fentanyl concerns and trade imbalances. The DXY hovers below key resistance at 97.80–98.00, with price supported by the 9-day EMA at 97.50

European law enforcement are being repeatedly warned about the dangers of Fentanyl by US federal agents. The number of deaths related to the synthetic drug, which is at least 80 times as potent as morphine, has been slowly rising, according to the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA).

US President Donald Trump has announced a 35% tariff on Canadian imports, effective August 1, 2025, citing ‘Canada’s retaliation’ and unfair trade practices. In an official letter, Trump accused Canada of failing to stop fentanyl flow into the US and warned against tariff evasion.

President Trump said he’ll begin rolling out “reciprocal” tariffs Friday on countries that have yet to reach a tentative deal with his team — with the new US trade taxes hitting as high as “60 or