Following his sweeping tariff announcements, U.S. stock futures dropped on Friday after the S&P 500 posted a new record high the day before. The Dow Jones Industrial Average lost over 300 points, or 0.7%, while the S&P 500 dropped 0.6%.

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

A day after President Trump announced a new 35 percent tariff on Canadian goods beginning next month, Prime Minister Mark Carney said Canada had made “vital progress” towards stopping fentanyl.

A nother deadline passed on Wednesday without President Donald Trump following through on his threats to impose new tariffs. It was 90 days ago that Trump had announced an abrupt pause in his plan to levy new tariffs on countries around the world.

President Donald Trump has been sending letters to countries outlining higher tariffs they'll face if they don't make trade deals with the U.S. by Aug. 1.

President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.