The threatened tariff was the latest in Trump’s on-and-off tax on imports from around the world. But among the three largest U.S. trading partners, Trump reached a framework for talks with China and still doesn’t have agreements with Canada or Mexico.

Although markets are trying to shrug off the week's U.S. tariff threats as yet another negotiation tactic, there's growing unease at the daily barrage, the latest being a 35% tariff on Canadian goods and higher levies on other countries.

US President Donald Trump on Thursday announced a 35 percent tariff on imports from Canada starting August 1, the latest move after the US administration sent two waves of letters to its trading partners this week.

Trump has sent more than 20 letters signaling new tariffs, including a 50% duty on copper and penalties on key Asian allies Japan and South Korea. His administration is also weighing across-the-board tariffs on global partners.

Canada’s finance minister said the country can negotiate a better trade deal with the Trump administration than other nations have received, pushing back on the idea that it may have to settle for a new baseline tariff on all exports to the US.

President Trump announced a 35% tariff on our northern neighbors of Canada, citing concerns over fentanyl entering the U.S. NBC News’ Monica Alba reports from the White House. CNBC’s Senior Analyst Ron Insana joins Alex Witt to discuss how much more the average American could be spending per year if these tariffs stay in place.