Toronto's main stock index opened lower on Friday as U.S. President Donald Trump ramped up his tariff assault on Canada, while investors assessed better-than-expected June employment data. At 9:31 a.m.

US stocks’ record highs obscure the risks Donald Trump poses to the world’s biggest economy, according to big investors and senior bankers who have warned over growing “complacency” in the markets. Senior executives from Amundi to JPMorgan Chase said buoyant markets were pricing in too much confidence that the US president will back down from policies most likely to threaten the country’s financial stability.

Donald Trump’s latest threat to impose a 50% levy on Brazil over its domestic political affairs shows the rest of the world that nothing is off limits. The US president linked the hike to the trial of former Brazilian President Jair Bolsonaro — a right-wing populist — over an alleged coup attempt in 2022,