Trump tariffs live updates: Canada responds after being hit with 35% levy as 92 countries face new rates

Stocks slid across Europe as trading opened on Friday morning after President Donald Trump reignited his trade war.

The president set a baseline 15 percent tariff on most EU goods imported into the U.S. earlier this week.

London’s FTSE 100 index opened in the red and dropped more than 0.7 percent.

Germany’s DAX index dropped by 1.1 percent at the start of trading in Frankfurt.

France’s CAC fell by almost 1 percent and Spain’s IBEX lost 0.6 percent.

President Donald Trump signed an executive order raising tariffs on Canada from 25 to 35 percent for goods that are not compliant with the U.S.-Mexico-Canada Agreement, drawing a sharp response from Canadian Prime Minister Mark Carney.

Carney said in a statement Friday morning that he was “disappointed” with Trump’s tariff hike, adding that “Canadians will be our own best customer.”

Donald Trump’s pausing of higher import taxes on a wide range of Mexican products a day before they were set to start saw the president mocked on social media with the now-familiar “TACO” taunt.

The nickname TACO, short for “Trump Always Chickens Out,” stems from the president’s habit of making tariff threats, resulting in a drop in the markets, only for him to change course and see the markets rebound.

Trump announced the move in a Truth Social post following a phone call with Mexican President Gloria Sheinbaum on Thursday.

The reaction from some of Trump’s most fervent critics was swift, predictable, and Mexican food-themed, invoking the TACO nickname investors have bestowed on the president for his economic flip-flopping.

White House Correspondent Andrew Feinberg has more:

The Trump administration has announced its new trade policy and tariff plan just hours before the August 1 deadline.

On Thursday night, the White House announced a “universal” tariff for goods coming into U.S. will remain at 10 percent. That is the same level set during his “Liberation Day” event in early April when he first announced the tariffs.

But that 10 percent rate will only apply to countries with a trade surplus — in other words, countries to which the U.S. exports more than it imports.

Countries with a trade deficit with the U.S. will be subject to an at least 15 percent tariff under the new policy.

For many of the countries subjected to Trump’s “reciprocal” tariffs levied in April, that rate will be lower than what they were previously paying, though it will be higher for a small group of nations.

Greg Graziosi has more from Washington, D.C.: