A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

Commerce Secretary Howard Lutnick reminded us of an important but little-discussed part of trade negotiations with Canada and Mexico -- "virtually 75%" of trade between the U.S. and its two neighbors is "already tariff free" because of the USMCA agreement.

Canada's retail sales shrank by 1.1% in May as consumers curtailed car purchases and spent less at supermarkets, convenience stores and on alcohol, data showed on Thursday.