Trump’s tariffs on Canadian steel and aluminum, autos and goods not covered by the U.S.-Mexico-Canada trade agreement have upended the status quo. He has threatened to raise some of those tariffs to 35 percent by Aug. 1. Canada sends more than 75 percent of its exports to the U.S.

Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.