Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantanillo with Jim Kramer, David Faber,

and post-night of the New York Stock Exchange. Future is a bit weak, coming off all-time highs,

though, as the White House adds to a week of tariff threats and markets look ahead to next

week's bank earnings and inflation data.

Our roadmap begins with this renewed tariff uncertainty weighing on the street.

The president does announce a 35% tariff on Canada and threatens higher tariffs across the board.

Plus, the White House continues to up the pressure on Fed Chair Powell.

We'll discuss that.

And shares of Levi Strauss, they're surging ahead of the open.

The company raised its sales guidance and says it will absorb tariff costs, at least for now.

Let's begin with the president, threatening to impose 35% tariffs on some imports from Canada,

effective August 1st. He outlined that move in a letter to that country's Prime Minister,

Mark Carney. For now, Canadian goods that are compliant with the USMCA agreement would be exempt.

Carney responded late last night in a post on X about the trade talk, saying his government will continue to defend Canada's workers and businesses and work towards, in his words,

the revised deadline of August 1st.

Again, Jim, if we were overreacting to this kind of stuff in April, are we underreacting now?

Well, I just think that we've got this situation mentioned in the nightly news report,

where he just said, look, the market doesn't mind.

It does seem like you've got some sort of treasury besant putger. The president waits the market doesn't mind. It does seem like you've got some sort of treasury best and

putter. The president waits, the market's all the way up, president then whams Canada.

I got to tell you, Carney, obviously, not a not a fan favorite there in the White House.

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