President Donald Trump has intensified a trade dispute with Canada, slapping tariffs of up to 24 percent on imported softwood lumber in a move that drew swift criticism from the Canadian government, which vowed to sue if needed.

Trump announced the new tariff at a White House gathering of conservative journalists, shortly before the Commerce Department said it would impose countervailing duties ranging from 3 percent to 24.1 percent on Canadian lumber producers including West Fraser Timber.

"We're going to be putting a 20 percent tax on softwood lumber coming in — tariff on softwood coming into the United States from Canada," Trump said Monday, according to a tweet by Charlie Spiering, a White House correspondent for Breitbart News. A White House official confirmed the comment.

The step escalates an economic battle among neighboring countries that normally have one of the friendliest international relationships in the world. U.S. Commerce Secretary Wilbur Ross amplified Trump's remarks in a statement.

"It has been a bad week for U.S.-Canada trade relations," Ross said.

Cost cuts at Coke go deeper

Coca-Cola's sales declined in the first quarter as it restructured its business and the company said Tuesday that it will cut costs further.

The maker of Fanta, Sprite and Smartwater says it plans to cut another $800 million in annualized savings in addition to the $3 billion it's already trimming. Most those savings are expected to be realized in 2018 and 2019, the company said.

Coca-Cola Co. has also been reshaping its business by selling back its bottling and distribution operations to independent bottlers.