If implemented, Trump's new 35 percent duties will be "separate from all Sectoral Tariffs," such as the 50 percent tariff on steel and aluminum imports. Trump also promised that, if Canada raises its own tariffs in response, then "whatever number [Canada chooses] to raise them by, will be added onto the 35% that [the U.S. charges]."

The slouch was slight compared to the market reaction to Trump’s initial “Liberation Day” announcement of “reciprocal” tariffs on April 2.

Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be