The U.S. dollar rose on Friday, fuelled by upheavals on the global trade landscape, as U.S. President Donald Trump announced more import tariffs, ranging from 35% on neighbouring Canada to plans for blanket levies of 15% or 20% on most trading partners.

Prices of clothing and shoes are expected to be particularly impacted by the tariffs, Yale University’s Budget Lab found.

Following the passage of its tax cut and spending bill last week, the Trump administration promised more trade deals

In 2005, the economist Pietra Rivoli followed the production of a T-shirt from a cotton farm to a Walgreens to understand global trade. Today, she sees a new system arising.

Gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape.

Latest news and live updates as Marco Rubio meet with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

Stock prices closed higher on Wall Street as investors brushed off President Trump's threat to hit more than 20 countries with new tariffs by Aug. 1. Kelly O'Grady has more.