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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Dozens of people were killed in Israeli strikes on Lebanon on Tuesday, Lebanese officials said, straining a fragile ceasefire agreed between the countries in April. The attacks came as Iran accused the U.S. of violating a separate ceasefire with strikes near the Strait of Hormuz.
Britain has announced fresh sanctions targeting cryptocurrency exchanges, financial networks and banks accused of helping Russia evade Western restrictions imposed after the invasion of Ukraine.
Muslims around the world have marked Eid al-Adha with prayers, celebrations and acts of charity, though for many Palestinians the holiday unfolded amid conflict, restrictions and loss.
Israeli forces carried out more than 120 airstrikes across southern and eastern Lebanon on Tuesday (26 May), killing at least 31 people in one of the heaviest bombardments in recent weeks, according to Lebanese security and health officials.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 26 May, covering the latest developments you need to know.
Iran has called Monday's U.S. strikes on it 'a gross violation' of their ceasefire. The U.S. military said it carried out defensive strikes in southern Iran after boats were seen laying mines in the Strait of Hormuz. Meanwhile, the U.S. says a peace deal may require several more days.
The new AnewZ documentary, TARGET: Yerevan, builds its explosive case on exclusive, secret recordings originally published by Minval Politika.
Dozens of people were killed in Israeli strikes on Lebanon on Tuesday, Lebanese officials said, straining a fragile ceasefire agreed between the countries in April. The attacks came as Iran accused the U.S. of violating a separate ceasefire with strikes near the Strait of Hormuz.
Chinese investigators have uncovered hidden tunnels, missing worker trackers and fake underground walls during an initial investigation into the country’s deadliest mining disaster in more than 15 years.
Britain has announced fresh sanctions targeting cryptocurrency exchanges, financial networks and banks accused of helping Russia evade Western restrictions imposed after the invasion of Ukraine.
China’s carbon emissions grew far less than previously thought over the past five years, according to a new analysis that is drawing close attention from climate researchers worldwide.
Muslims around the world have marked Eid al-Adha with prayers, celebrations and acts of charity, though for many Palestinians the holiday unfolded amid conflict, restrictions and loss.
Spanish police visited the headquarters of the ruling Socialist Party (PSOE) in Madrid on Wednesday as part of a widening High Court investigation into alleged attempts to interfere with judicial proceedings involving party and government figures.
Latvia is strengthening its anti-drone capabilities along its borders with Russia and Moscow-allied Belarus after several drones entered the NATO member’s airspace, according to a senior military official.
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