President Trump announces a 35% tariff on all Canadian imports starting Aug. 1, and signals more broad-based tariffs could follow. Stocks retreat after a run of record highs for the S&P 500 and Nasdaq, while bitcoin (BTC-USD) nears $120,000 and Nvidia (NVDA) closes above a $4 trillion market cap for the first time. Delta (DAL) and Levi’s (LEVI) lift outlooks as earnings season heats up.

Takeaways:

Trump imposes 35% tariff on Canadian imports, eyes further trade action

Stocks retreat from record highs; bitcoin and Nvidia notch new milestones

Delta and Levi’s raise forecasts as earnings season begins

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