The Globe and Mail reports in its Monday edition that the U.S. announced new tariff threats that negatively impacted markets last week. The Globe's guest columnist Amber Kanwar writes that the S&P 500 declined after two weeks of gains, while the TSX remained flat after also rising for two weeks. Prime Minister Mark Carney responded to U.S. President Donald Trump's 35-per-cent tariff threat by saying Canada will aim for a deal by the revised Aug. 1 deadline. Notably, energy was spared. "Donald Trump has been consistent for nine years. He wants more Canadian oil," says Waterous Energy Fund's Adam Waterous. He says Mr. Trump "wants Keystone XL." Mr. Waterous believes pipelines are key to solving Canada's trade battle with the U.S. (He mentioned his hostile bid for MEG Energy and why he would issue a $10/share special dividend if he does not win it.) Tariffs may just be an excuse for a market needing a breather. The S&P 500 hit five record highs in nine sessions. One thing that is troubling bulls: the per cent of stocks participating in the rally has started to shrink. "While the S&P 500 has been rallying back to new highs this month, some measures of breadth have been lacking," says Bespoke Investment Group.