The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

The 35% level would be one of a range of tariffs on the U.S. ally, some of which are already in place, while others have been threatened and then walked back.

Toronto's benchmark index fell on Friday as U.S. President Donald Trump ramped up his tariff assault on Canada, while investors assessed better-than-expected domestic employment data for June. The S&P/TSX composite index dipped 0.