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.
Chinese President Xi Jinping told South Korean President Lee Jae Myung on Saturday that he was ready to deepen cooperation and work together to addres...
Canadian Prime Minister Mark Carney said on Saturday that he had apologised to U.S. President Donald Trump over an anti-tariff political advert and ha...
Start your day informed with AnewZ Morning Brief: here are the top news stories for 1 November, covering the latest developments you need to know....
Ukrainian President Volodymyr Zelenskyy on Friday dismissed reports that Russian forces had encircled Pokrovsk in the eastern Donetsk region, insistin...
The Trump administration has announced its support for repealing the Caesar Act sanctions on Syria and called on U.S. lawmakers to include the move in...
Chinese President Xi Jinping told South Korean President Lee Jae Myung on Saturday that he was ready to deepen cooperation and work together to address shared challenges, while Lee appealed for Beijing’s support in efforts to revive dialogue with nuclear-armed North Korea.
Canadian Prime Minister Mark Carney said on Saturday that he had apologised to U.S. President Donald Trump over an anti-tariff political advert and had instructed Ontario Premier Doug Ford not to air it.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 1 November, covering the latest developments you need to know.
Ukrainian President Volodymyr Zelenskyy on Friday dismissed reports that Russian forces had encircled Pokrovsk in the eastern Donetsk region, insisting that Ukrainian troops remain in control of the situation.
Reports from CNN say the Pentagon has approved the provision of long range Tomahawk missiles to Ukraine after assessing its impact on U.S. stockpiles, while leaving the ultimate decision to President Trump.
Tanzanian police fired tear gas and live rounds on Thursday to disperse protesters in Dar es Salaam and other cities, a day after a disputed election marked by violence and claims of political repression, witnesses said.
Russia launched a barrage of drones and missiles at Ukraine's energy infrastructure and other targets, forcing nationwide power restrictions and killing seven people, including a seven-year-old girl, Ukrainian officials said on Thursday.
The U.S. State Department has ordered the departure of all non-emergency personnel and their family members from Mali, citing escalating security risks as al Qaeda-linked insurgents tighten a fuel blockade on the country.
Iran’s Foreign Minister Abbas Araghchi said that Tehran is pursuing what he termed a policy of “provincial diplomacy” to promote Iran’s trade and cultural relations with its neighbouring countries.
Chinese President Xi Jinping told South Korean President Lee Jae Myung on Saturday that he was ready to deepen cooperation and work together to address shared challenges, while Lee appealed for Beijing’s support in efforts to revive dialogue with nuclear-armed North Korea.
Canadian Prime Minister Mark Carney said on Saturday that he had apologised to U.S. President Donald Trump over an anti-tariff political advert and had instructed Ontario Premier Doug Ford not to air it.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 1 November, covering the latest developments you need to know.
Ukrainian President Volodymyr Zelenskyy on Friday dismissed reports that Russian forces had encircled Pokrovsk in the eastern Donetsk region, insisting that Ukrainian troops remain in control of the situation.
The Trump administration has announced its support for repealing the Caesar Act sanctions on Syria and called on U.S. lawmakers to include the move in the National Defense Authorization Act (NDAA) currently being debated in Congress.
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