President Donald Trump went forward with sweeping tariffs at midnight on goods imported from Canada and Mexico, while doubling down on punitive duties on China.
The latest:
- Canadian Prime Minister Justin Trudeau announced a 25% levy on C$30 billion worth of U.S. imports, effective immediately. Tariffs on another C$125 billion in U.S. goods will take effect in 21 days, he added.
- Mexico’s president said retaliatory tariffs are coming Sunday.
- At midnight, 25% tariffs on two U.S. neighbors — Canada and Mexico — went into effect. The president also imposed an additional 10% tariff on Chinese imports, doubling the 10% duty he had slapped on Beijing in early February.
- Economists have warned that the president’s aggressive moves could cause negative consequences globally, including triggering inflation that could hurt consumers.
- The stock market suffered a dramatic sell-off after Trump’s announcement Monday. The S&P 500 dropped 1.8%, its worst day since December, falling into negative territory for the year. Stocks were under pressure yet again Tuesday, with the tech-heavy Nasdaq Composite flirting with correction territory.
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