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Wall Street gave up gains Friday after President Donald Trump hit Canada with a fresh 35% tariff and promised more across the board. This came just a day after the S&P 500 set a brand new all-time high.

Trump insiders maintain that it would make little sense — politically or from a policy standpoint — for the president to offer any further extensions on trade.

The US president sent a letter to Canada late on Thursday, following an interview in which Trump warned EU nations to expect a tariff announcement targeting the bloc “today or tomorrow”. He said countries that had not received a letter from him would face tariffs of 15-20 per cent.

President Donald Trump’s tariff fight moved forward yesterday as he escalated the U.S. trade war with Canada and said in an exclusive interview that he plans to impose blanket tariffs on most trade partners.