Global stocks fell on Friday after U.S. President Donald Trump ramped up his tariff war against Canada, leaving Europe squarely in the firing line, sparking a modest investor push into safe havens like gold,

In 2005, the economist Pietra Rivoli followed the production of a T-shirt from a cotton farm to a Walgreens to understand global trade. Today, she sees a new system arising.

President Donald Trump's threats to impose high tariffs on countries make U.S. trading partners and investors nervous. But his sector tariffs could hurt consumers and businesses more in the long run.

U.S. and European stock futures dipped in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, restraining a broad rally in regional share markets. The dollar gained on the euro and the Canadian currency as Trump issued a letter late on Thursday that a 35% tariff rate on all imports from Canada would apply from August 1,

In his new round of tariffs being announced this week, Trump is essentially tethering the entire world economy to his instinctual belief that import taxes will deliver factory jobs and stronger growth in the U.S., rather than the inflation and slowdown predicted by many economists.

Trump shared screenshots of letters detailing new tariff rates for over a dozen countries, allowing room for further negotiations before the renewed deadline of Aug. 1.

U.S. Secretary of State Marco Rubio met counterparts in Southeast Asia on Thursday during his first visit to Asia since taking office, seeking to reassure them the region is a U.S. priority despite President Donald Trump's tariff offensive.