Trump’s new tariffs on Canada, Mexico, and China took effect Tuesday, sparking a global trade war as Canada, Mexico, and China retaliated with their own duties. The move has rattled markets, raised consumer prices, and fueled recession fears.
Canada imposed 25% tariffs on C$30 billion ($20.7 billion) worth of U.S. goods, targeting orange juice, peanut butter, wine, spirits, coffee, appliances, and motorcycles.
Mexico announced countermeasures, with President Claudia Sheinbaum set to reveal details on Sunday.
China imposed 10%-15% tariffs on select U.S. imports starting March 10 and placed 25 U.S. firms under export restrictions.
Canadian Prime Minister Justin Trudeau condemned the tariffs as "a very dumb thing to do," accusing Trump of attempting to cripple Canada’s economy.
"They’ve chosen to launch a trade war that will, first and foremost, harm American families," Trudeau said.
U.S. stocks plummeted, with the Nasdaq falling into correction territory.
The Canadian dollar and Mexican peso weakened against the U.S. dollar.
The U.S. Federal Reserve Bank of Atlanta revised its GDP forecast downward, now projecting a 2.8% economic contraction in Q1 2025.
The tariffs are already leading to higher consumer prices:
Retailers like Target and Best Buy warned of price increases on groceries, electronics, and imported goods.
Smartphones, laptops, and gaming consoles will be hit with a 20% tariff on Chinese imports.
U.S. farmers face renewed economic pain as China targets U.S. agricultural exports.
Trump justified the tariffs as a response to fentanyl trafficking from Canada, Mexico, and China.
"This country has stuck with them through thick and thin," Trump said, adding that Europe should contribute more.
However, experts warn the tariffs could drive the U.S. into recession, further escalating tensions with global trading partners.
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European powers will likely reimpose international sanctions on Iran by the end of the month after their latest round of talks with Tehran aimed at preventing them were deemed not serious, France's President Emmanuel Macron said on Thursday.
Police have identified the suspect who fatally shot three officers in southern Pennsylvania as 24-year-old Matthew James Ruth, who was already wanted on stalking charges.
Prime Minister Keir Starmer said on Thursday that Britain "fiercely" protects free speech, but when it was used to incite real harm to children and vulnerable people there was a limit.
Canada's government is sending more asylum-seekers hoping to file claims in Canada back to the U.S. under a bilateral pact, even as the U.S. says it may deport them to third countries.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
European powers will likely reimpose international sanctions on Iran by the end of the month after their latest round of talks with Tehran aimed at preventing them were deemed not serious, France's President Emmanuel Macron said on Thursday.
Police have identified the suspect who fatally shot three officers in southern Pennsylvania as 24-year-old Matthew James Ruth, who was already wanted on stalking charges.
Prime Minister Keir Starmer said on Thursday that Britain "fiercely" protects free speech, but when it was used to incite real harm to children and vulnerable people there was a limit.
Canada's government is sending more asylum-seekers hoping to file claims in Canada back to the U.S. under a bilateral pact, even as the U.S. says it may deport them to third countries.
Ukrainian troops and engineers will train their Polish counterparts in a joint group on countering drones, Ukraine's defence minister Denys Shmyhal said on Thursday, a week after Russian drones flew into Poland.
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