President Donald Trump posted a letter to social media Thursday evening announcing Canadian goods will be subject to a 35% tariff rate starting Aug. 1

President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

The country’s new prime minister, Mark Carney, has been called the “Trump whisperer,” and negotiations have been cordial and professional. But it’s been a wild ride.