The 35% levy on Canadian goods does not include any carve outs for lumber or building supplies, with their costs already rising, Cotality's Selma Hepp said.

Motor industry giant Ford says it expects tariffs to cost it about $2bn (£1.5bn) this year, which is more than previously expected, despite building most of its cars in America. The company says it had already paid an extra $800m in duties in the three months ending in June.

Executives plan to shift some capex toward their Pro division from electric vehicles and will unveil the first product from the company’s EV skunkworks next month.