NEW YORK, July 11, 2025 (BSS/AFP) - Wall Street stocks fell early Friday as markets digested President Donald Trump's latest tariff threats amid concerns about lofty equity valuations.

In a letter to Canadian Prime Minister Mark Carney, Trump warned of tariffs of 35 percent on Canadian exports, the latest pivot in difficult negotiations between the neighboring countries.

Trump also said his administration would send a letter to the European Union with details of new tariffs, complicating the trading bloc's hopes that it would reach a deal with Washington.

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.7 percent at 44,341.02.

The broad-based S&P 500 fell 0.5 percent to 6,248.28, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 20,571.20.

Major US indices are near all-time records, reflecting investor confidence that Trump's tariff threats are a negotiating tactic. But analysts said some investors are taking profits following the equity market's rally in recent weeks.