US President Donald Trump’s 25% tariffs on goods from Mexico and Canada took effect on Tuesday. In response, Canada plans to impose 25% tariffs on nearly $100 billion of US imports, while Mexico’s president said it would also retaliate with a range of moves to be announced Sunday.
The US introduced an additional 10% tariff on Chinese imports, bringing the total levy to 35%. China swiftly responded with retaliatory tariffs on US agricultural goods and other measures against American companies. Beijing also filed a lawsuit with the World Trade Organization.
Global market turmoil followed, with the Dow industrials falling in morning trading and gold prices surging. Economists warn that American importers will likely pass along the cost of tariffs to consumers, leading to higher prices at grocery stores and car dealerships.
Source: https://www.wsj.com/livecoverage/trump-tariffs-canada-mexico-china-stock-market-today-03-04-2025