Global markets are telling conflicting stories about the possible longer-term impact of U.S. tariffs on growth, a schism that investors say means either stocks or bonds could see a steep correction once it's clear which is right.

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

The European Union braced on Friday to receive a letter from U.S. President Donald Trump, outlining planned duties on his largest trade and investment partner after a broadening of his tariff war in recent days.

The president has published just 22 letters, many to minor trading partners like Brunei, Moldova and Sri Lanka.

Trafigura, Mercuria, Glencore and IXM set for bumper profits from metal shipped into America ahead of new levies

Here are the top stories to read ahead of Friday's trading:

President Donald Trump has again delayed a tariff deadline. His back and forth on the policy spurred TACO accusations. What does it mean?

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

Although markets are trying to shrug off the week's U.S. tariff threats as yet another negotiation tactic, there's growing unease at the daily barrage, the latest being a 35% tariff on Canadian goods and higher levies on other countries.