Marco Rubio meets with Russian foreign minister amid tensions over Ukraine and Trump releases tariff letters to trading partners.

President Donald Trump published a letter to Prime Minister Mark Carney on Thursday, accusing Canada of having "financially retaliated" against the U.S.

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.

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Canadian companies are boosting trade with allies other than the U.S. and with smaller markets to minimize economic damage from President Donald Trump's tariffs, government data shows.

President Trump is again amping up his trade threats, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Wednesday posted to social media six letters,

Markets previously brushed off tariff risks under the assumption that President Donald Trump would follow his earlier pattern and eventually retreat. That allowed stocks to reach new record-high territory,