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.

The president revived his discredited claims about fentanyl entering the U.S. from Canada to justify his latest proposed rate of 35 percent.

President Donald Trump has launched a fresh assault on global trading partners with Canada likely to be among the worst hit.