Trump also threatened blanket tariffs of 15% or 20% on most trade partners, and said he will soon announce new tariffs on the EU.

Canada is one of the United States' top trading partners, with more than $410 billion of goods crossing into the country last year.

U.S. President Donald Trump on Thursday announced a 35% tariff on Canadian imports, starting Aug. 1. Trump attributed fentanyl and Canada's retaliatory tariffs as reasons for the rate. The 35% duty might be increased if Canada continues to retaliate,

Atlanta, Georgia — Pillows filled and sealed for a good night's sleep at the Atlanta warehouse of home bedding company Standard Fiber are one of many things giving its CEO, Chad Altbaier, nightmares. "Planning is practically impossible," Altbaier told CBS News. "Probably the most challenging time of my career."

In a wide-ranging interview with NBC News, Trump talked about tariffs, sending Patriot missiles to NATO for Ukraine and how he'll sell his recently passed "big, beautiful bill."

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

A nother deadline passed on Wednesday without President Donald Trump following through on his threats to impose new tariffs. It was 90 days ago that Trump had announced an abrupt pause in his plan to levy new tariffs on countries around the world.