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.

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

The president was following through on an earlier statement that he would target a key metal used for semiconductors, lithium-ion batteries and more.

The yen, for its part, has been steadily weakening as the prospects dim for a U.S.-Japan trade deal. The dollar was up 0.6% on Friday at 147.12 yen and is headed for a weekly gain of 1.7%, the biggest this year. On the crosses, the yen is down for a seventh straight week on the euro and hit a five-month low on the Australian dollar .

The US president's threatened new tariffs on Brazil are likely to have major political ramifications in the country.

Donald Trump threatened to impose a 50% tariff on Brazil over its domestic political affairs, the most extreme case yet of the US president weaponizing trade policy to make unrelated demands.