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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Iran’s parliamentary speaker said on Wednesday regional countries alone should determine the Middle East’s political and security order, rejecting external involvement and calling for expanded intra-regional cooperation.
France has confirmed its first Ebola case linked to the current outbreak in the Democratic Republic of Congo after a doctor returning from a humanitarian mission tested positive for the virus, the health ministry said on Wednesday (24 June).
Ukraine said its forces had struck key energy installations inside Russia, including a gas processing plant and a helium facility in the Orenburg region, as drone assaults increased across multiple areas.
An unusual weather pattern known as an omega block is at the heart of the extreme heat sweeping across Europe. The phenomenon can trap hot air over the same region for days or even weeks, allowing temperatures to climb to dangerous levels.
At least thirteen people have died and sixty-six have been injured following an explosion at Qatar's main liquefied natural gas (LNG) processing hub at Ras Laffan, authorities said on Sunday.
Tehran has agreed to let the International Atomic Energy Agency (IAEA) recommence inspections of its nuclear programme, U.S. Vice President JD Vance has said. The U.S. and Iran have settled on a 60-day roadmap aimed at reaching a final deal, according to mediators Qatar and Pakistan.
A Ukrainian strike has damaged a school building in a Russian-controlled area of Ukraine’s Zaporizhzhia region, according to local authorities cited by the TASS news agency. No injuries were reported in the incident.
U.S. President Donald Trump said that Iran had agreed to nuclear inspections into "infinity, despite Tehran's denials, and that unfrozen Iranian assets would be used to buy humanitarian supplies from the United States.
Iran’s parliamentary speaker said on Wednesday regional countries alone should determine the Middle East’s political and security order, rejecting external involvement and calling for expanded intra-regional cooperation.
France has confirmed its first Ebola case linked to the current outbreak in the Democratic Republic of Congo after a doctor returning from a humanitarian mission tested positive for the virus, the health ministry said on Wednesday (24 June).
Ukraine said its forces had struck key energy installations inside Russia, including a gas processing plant and a helium facility in the Orenburg region, as drone assaults increased across multiple areas.
Critical minerals are becoming a key battleground in the growing economic rivalry between the G7 and China, as governments seek to secure supplies vital to the energy transition and advanced manufacturing.
An unusual weather pattern known as an omega block is at the heart of the extreme heat sweeping across Europe. The phenomenon can trap hot air over the same region for days or even weeks, allowing temperatures to climb to dangerous levels.
Ebola cases in the Democratic Republic of Congo have surpassed 1,000, with health officials warning that the outbreak is spreading rapidly through displacement camps and across borders.
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