Mexico did not face a new tariff on April 2, the day of Trump's so-called "Liberation Day" tariff rollout. There remains a 25% tariff on non-USMCA-compliant goods from Canada and Mexico, as well as a 50% tariff on steel, aluminum and derivative products.

The U.S. has sanctioned Myanmar's military junta and refused to acknowledge its rule, so Mr. Trump's personal letter to its leader was welcomed, despite the subject.

The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

It’s a possible sign that President Donald Trump’s wave of tariff letters is again raising concern among investors.

The letter reiterated Trump’s complaints about dairy quotas, fentanyl and the U.S. trade deficit, which is mostly fueled by American refineries’ thirst for Canadian oil. His social media post caused the Canadian dollar to immediately tumble, indicating the market wasn’t expecting this escalation.

President Trump warns Canadian Prime Minister Mark Carney of a new 35% tariff on Canadian imports if the country doesn't address fentanyl trafficking and existing trade disputes.

President Trump said Wednesday he would impose a 50% tariff on goods from Brazil next month, citing the criminal prosecution of former Brazilian President Jair Bolsonaro, which Mr. Trump called an "international disgrace.