President Trump's latest trade threats are in focus this morning. Late Thursday, the president reportedly said he would impose 35 percent tariff on Canadian goods imports not covered by the 2020 US-Canada-Mexico trade agreement. The president separately warned he would announce tariffs on the European Union imminently. And he said he planned a universal baseline tariff of 15 or 20 percent for reciprocal tariffs, up from 10 percent now.

Also in focus: Canada's June employment report, due at 8:30 am ET, expected to show the job market remained anemic with unemployment rising to 7.1 percent from 7.0 percent, and employment up 8,000 on the month.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.