Markets had started growing complacent to Trump’s threats, but his latest revelations could change that. Trump insists he will implement more levies on Japan, South Korea, Canada, Brazil, Algeria, and other trading partners, calling on them to negotiate deals.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

President Trump said he plans to impose blanket levies of 15% to 20% on most trading partners that haven't yet received suggested tariff rates. That would be higher than the 10% baseline currently in effect.

The U.S. dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions with new tariffs on Canada and other trading partners. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.