US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

Without a means of enforcing bilateral trade agreements, Trump could simply change the terms of any deal down the road. The answer is to kick the U.S. out of the World Trade Organization, argues professor Kristen Hopewell.

The Dow, S&P 500 and Nasdaq remain volatile as trade deals and tariffs keep investors in limbo. Amazon’s Prime Day met with fierce competition as Walmart, Costco offer their own deals. Oil inches higher.

The Trump administration is expected to send dozens of letters to countries that have not made a trade deal, warning them that higher tariffs could kick in next month.

President Trump sent more mixed signals on his tariff policy and bashed Russian President Putin during a Cabinet meeting Tuesday.

President Trump will soon issue 15 to 20 more letters to world leaders informing them of the tariff rate that will be applied to imports from their countries starting on Aug. 1, Commerce Secretary Howard Lutnick said on Tuesday.

U.S. Treasury Secretary Scott Bessent on Sunday warned that countries that don’t make trade deals with the U.S. will return to their April 2 tariff rates starting in August, while noting that the Trump administration expects a flurry of trade agreements to be completed this week ahead of President Donald Trump ’s original deadline.

Bitcoin, the leading cryptocurrency by market value, gained over 1%, briefly topping $109,000. Payments-focused XRP and Solana's SOL token gained over 2% each, with meme token dogecoin DOGE $0.1710 rising 3%, according to data source CoinDesk. Ethereum's ether, the second-largest token, rose 1.5% to $2,550.