US stocks fell on Friday after President Donald Trump threatened a 35% tariff on Canada — a sharp escalation in an ongoing trade war. The Dow closed lower by 279 points, or 0.63%. The broader S&P 500 fell 0.

President says Canada’s tariff retaliation, lack of progress on curbing fentanyl smuggling is behind new import penalty

President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.