The pause on the biggest of Trump's tariffs won't end this week, but the president continues to pledge steep new duties against major countries.

President Donald Trump extended his "Liberation Day" tariff pause and sent letters to trading partners announcing new tariff rates for Aug. 1.

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.

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.

Canada is seeking to finalise a free trade deal with Southeast Asian nations as part of a push to expand into new markets, its top diplomat said, responding to the hefty tariffs imposed on it by the United States,

Economic modelling suggests pipelines like Northern Gateway and Energy East would help insulate Canada from the threat of U.S. tariffs.