The Dow, S&P 500 and Nasdaq retreat from record highs as President Trump rolled out a fresh tariff against Canada, following Brazil hit. Meanwhile, the Federal Reserve and Chairman Powell are under fire for spending on renovations.

U.S. stocks are down in morning trading Friday, pulling the market back from all-time highs, as the Trump administration escalates its tariff threats against Canada. The S&P 500 was down 0.4% a day after setting a record high.

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