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.
U.S. consumer prices rose at their fastest pace in five months in June, signaling the early impact of tariffs on inflation. However, subdued demand an...
Kyrgyzstan's GDP surged 11.7 percent year on year in the first half of 2025, driven by gains in services, construction and production, despite a decli...
The American leader stated that if an agreement between Russia and Ukraine is not achieved within that timeframe, "it will be very bad."...
A new London exhibition invites visitors into the vibrant world of late Italian designer Gianni Versace, showcasing over 450 iconic pieces worn by cel...
Apple and mining company MP Materials announced a joint $500 million investment to develop a rare earth magnet recycling facility, with plans to bolst...
U.S. consumer prices rose at their fastest pace in five months in June, signaling the early impact of tariffs on inflation. However, subdued demand and falling service prices may keep the Federal Reserve cautious about rate changes.
The American leader stated that if an agreement between Russia and Ukraine is not achieved within that timeframe, "it will be very bad."
A new London exhibition invites visitors into the vibrant world of late Italian designer Gianni Versace, showcasing over 450 iconic pieces worn by celebrities and models alike.
Apple and mining company MP Materials announced a joint $500 million investment to develop a rare earth magnet recycling facility, with plans to bolster U.S.-based production and reduce reliance on China.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Authorities in North Carolina are investigating three potential storm-related deaths linked to severe flooding from the remnants of Tropical Storm Chantal, officials said Tuesday.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 10th July, covering the latest developments you need to know.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Two student pilots were killed when two single-engine training aircraft collided mid-air in southern Manitoba, Canadian authorities confirmed on Tuesday.
NATO Secretary General Mark Rutte is warning that major economies like Brazil, China, and India could face serious consequences if they continue trading with Russia, as the U.S. steps up pressure with fresh sanctions and weapons support for Ukraine.
The American leader stated that if an agreement between Russia and Ukraine is not achieved within that timeframe, "it will be very bad."
The European Union did not reach agreement on its 18th sanctions package against Russia on Tuesday, EU foreign policy chief Kaja Kallas confirmed following a meeting of foreign ministers in Brussels.
Russia, Iran, and China are increasingly involved in life-threatening activities on British soil—including attacks and kidnappings—often carried out by criminal networks or, in some cases, by children, according to two senior UK counterterrorism officials.
Australian Prime Minister Anthony Albanese met with Chinese President Xi Jinping in Beijing, affirming that both countries will keep communication channels open and explore cooperation opportunities despite ongoing strategic rivalry in the Indo-Pacific region.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment