President Donald Trump suggested further tariffs would be imposed on the European Union and Canada if they worked together “to do economic harm” to the US.

In a late night Truth Social post, Trump said large-scale tariffs “far larger than currently planned” would be placed on them in such a scenario. The euro briefly pared a small gain and the Canadian dollar dipped.

“If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump posted.