According to media reports, the US imposed fresh tariffs on Tuesday, with President Donald Trump imposing 25% charges on imports from Canada and Mexico and raising tariffs on Chinese goods to 20%. China replied promptly, imposing further tariffs of 10%-15% on specific US commodities beginning March 10, as well as export restrictions on designated US firms. Canada and Mexico were also preparing to retaliate, with Canadian Prime Minister Justin Trudeau declaring 25% tariffs on $20.7 billion in US imports, as well as other potential measures.
The additional 10% tariff on Chinese imports adds to previous duties imposed in February, bringing the total duty to 20%. This includes important US consumer gadgets, such as smartphones and laptops, which were previously exempt. Meanwhile, concerns about the economic consequences grew, with industry leaders warning that tariffs may force the US and Canada into recession.
Since taking office, Trump has aggressively increased tariffs, reinstating 25% of the charges on steel and aluminum imports on March 12. He also began new trade investigations into lumber, copper, and digital services taxes, potentially straining economic ties with major allies like as the European Union. Financial markets responded badly, with global stocks plunging and North American currencies weakening versus the US dollar.