Wall Street indexes declined Friday, as President Donald Trump cranked up his tariff assault on Canada, deepening uncertainty around Washington's trade agenda.

Trump late Thursday announced a 35% tariff on Canadian imports, set to kick in next month, up from the 25% imposed in March, and warned that the levy could climb higher if Canada retaliates.

The president also floated the possibility of a sweeping 15% or 20% tariff on other countries, up from the current 10% baseline.</p> <p>Caution also prevailed as the European Union braced for a possible formal letter from Trump, with details on fresh tariffs.

At 11:04 a.m. EST, the Dow Jones Industrial Average fell 269.12 points, or 0.60%, to 44,381.52, the S&P 500 lost 21.96 points, or 0.35%, to 6,258.50, and the Nasdaq Composite lost 31.43 points, or 0.15%, to 20,600.38.

All sub-indexes of the S&P 500 traded in the red, with losses primarily led by financials and materials , both down 1.1% each.

The S&P 500 and the tech-heavy Nasdaq are on track to end the week slightly lower, and the Dow looks set to snap its three-week winning streak — the longest since January.

Markets have remained largely subdued this week, with the only highlight being Nvidia becoming the first company to breach the $4 trillion valuation milestone. Its shares hit a fresh record high on the day.

This week, President Trump widened his tariff offensive, targeting a number of countries, including allies Japan and South Korea, and introducing a new 50% tariff on copper.

Market reaction to the new tariff announcements was far less choppier than the turbulence following early April's "Liberation Day" announcements, when all the major indexes posted their steepest weekly losses in nearly six years.

Investors are now gearing up for the upcoming earnings season, hoping for a clearer read on how trade turmoil has rippled through corporate America.

Wall Street's big banks are scheduled to report quarterly results next week, with J.P. Morgan kicking off the earnings season on Tuesday.

"We believe expectations are a bit low for S&P 500 earnings. Much of the second quarter was marked with tariff and trade issues and that may have caused some dislocations in earnings," said Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management.

The coming week is also packed with economic data releases, including consumer and producer price inflation and retail sales readings.

Meanwhile, last week's robust jobs report has nearly dashed all hopes for a July rate cut. Investors are now betting on a September move — odds for which stand at 60.6%, according to CME FedWatch.

Denim maker Levi Strauss & Co jumped 10.2% after the company raised its annual revenue and profit forecasts and beat quarterly estimates on Thursday.

Meta Platforms fell 2%. A report said the company was unlikely to make more changes to its pay-or-consent model, potentially inviting fresh EU antitrust charges and hefty daily fines.

Declining issues outnumbered advancers by a 3.47-to-1 ratio on the NYSE, and by a 2.34-to-1 ratio on the Nasdaq.

The S&P 500 posted six new 52-week highs and one new low, while the Nasdaq Composite recorded 27 new highs and 20 new lows.