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,

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 announced a 35% tariff on all imports from Canada, reigniting a trade war with the United States' closest ally and one of its most important trading partners.