President Trump on Thursday confirmed imports from most countries will face a tariff rate of 10%, while raising levies on Canada to 35% and lowering rates on many other countries.

Why it matters: The baseline rate is unchanged from the global duties Trump first set in April, and will come as a relief given his recent hints it could double. • But the higher levy on Canada, one of the top U.S. trading partners, threatens to strain an already heavily damaged relationship.

Driving the news: After months of delays, sweeping global tariffs are meant to take effect Friday. • The U.S. has made some trade deals, or at least short-term truces, though most countries are simply being assigned a rate. • The new approach stands in contrast to the "90 deals in 90 days" the administration promised

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