Canada faces another set of tariffs in its ongoing trade talks with the U.S. However, in this latest round of tariff announcements, investors have learned to largely tune them out as negotiating bluster rather than policy commitments.

Donald Trump has said the US will impose a 35 per cent tariff on Canada at the start of August as he launches a fresh salvo against one of the country’s largest trading partners.

The 35% level would be one of a range of tariffs on the U.S. ally, some of which are already in place, while others have been threatened and then walked back.