The tariffs President Donald Trump threatened against Canada, Mexico and China over the weekend roiled financial markets but they fall far short of duties the US would need to offset the cost of extending his expiring 2017 tax cuts,

The Trump administration hasn’t given up on the idea, according to Peter Navarro, a top adviser to the president who said Tuesday that new revenue from tariffs will be used to eliminate taxes on tips. That comes even as Republicans struggle to come up with enough revenue to make Trump’s 2017 tax cuts permanent, at a cost of more than $4 trillion.

Bank of Canada Governor Tiff Macklem said on Thursday a policy shift in the U.S. was causing uncertainty and President Donald Trump's tariff threats were already impacting businesses and households.