After Canada failed to strike a trade deal with Washington, the president raised tariffs on some Canadian exports this week.

Canada's recognition of Palestinian statehood will make it tougher for the U.S. to agree to a trade deal with its northern neighbor, President Donald Trump warned overnight, with just a day to go until the deadline the White House has set for tariffs to snap higher.

President Trump's tariffs order for countries yet to strike a trade deal with the U.S. went into effect just after midnight on Friday, though most levies aren't due to start until Aug. 7.Why it matters: While countries like Mexico struck trade deal extensions ahead of Trump's deadline,