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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The British government announced on Wednesday that it had struck a series of trade and investment agreements worth $8.6 billion with Saudi Arabia, marking a major step in the UK’s efforts to boost economic relations across the Gulf.
U.S. Secretary of Defence Pete Hegseth on Wednesday urged Japan to move swiftly on its plan to raise defence spending but said he had not made any specific requests regarding the scale of the increase during talks with his Japanese counterpart.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 29 October, covering the latest developments you need to know.
U.S. President Donald Trump arrived in South Korea on the final stop of his Asia tour, seeking breakthroughs on trade talks with Seoul and Beijing as President Lee Jae Myung rolled out a lavish welcome featuring the nation’s highest honour and a symbolic golden crown.
U.S. President Donald Trump said the U.S.-brokered ceasefire in Gaza remains intact despite Israeli airstrikes that killed dozens, as Israel and Hamas accused each other of violating the fragile truce.
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