Mr. Trump has wielded the tariff threats without regard for their economic consequences and, increasingly, seemingly without regard for the impact on stock markets. The S&P 500 slumped again on Thursday after Mr. Trump threatened Europe and reiterated at the White House that he would impose big tariffs.

When asked whether he might relent on Canada, which sent a delegation to the United States on Thursday to try to calm trade tensions, Mr. Trump said: “I’m not going to bend at all.”

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