President Trump said that the US is investigating furniture imports and will impose a tariff on the products once the probe is complete. "Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,

The change will go into effect on Sept. 1, Carney added, saying he believes Canada has the best trade deal out of all of the countries working with the U.S.

Federal Reserve Chair Jerome Powell warned that the tariffs unleashed by U.S. President Donald Trump are pushing consumer prices higher and would continue to do so over the coming months.