In a letter posted to social media, U.S. President Donald Trump threatened to impose 35 per cent tariffs on all Canadian goods that enter the U.S. starting Aug 1. A White House official, granted anonymity to discuss the tariff plan, said this latest threat wouldn’t apply to energy, potash, or goods covered under the current North American trade pact. It could effectively apply to as little as 14 per cent of the goods shipped to the U.S., according to a recent RBC estimate. (The Logic)

Talking point: Trump and Prime Minister Mark Carney had given themselves 30 days to sort out a deal when they met at the G7 in Alberta last month. Carney previously said he would consider new counter-tariffs on U.S. steel and aluminum if they couldn’t reach a deal by July 21. He is now targeting an Aug. 1 deadline to reach a trade and security pact with the U.S. Carney is expected to strategize with his cabinet next week, and will be gathering provincial and territorial premiers to discuss the trade file at the end of July.