Economists have warned that the president’s aggressive moves could cause negative consequences globally
Canadian PM Trudeau announces 25% retaliatory levy on U.S. products
President Donald Trump went forward with sweeping tariffs at midnight on goods imported from Canada and Mexico, while doubling down on punitive duties on China.
Canadian Prime Minister Justin Trudeau announced a 25% levy on C$30 billion worth of U.S. imports, effective immediately. Tariffs on another C$125 billion in U.S. goods will take effect in 21 days, he added.
Mexico’s president said retaliatory tariffs are coming Sunday.
At midnight, 25% tariffs on two U.S. neighbors — Canada and Mexico — went into effect. The president also imposed an additional 10% tariff on Chinese imports, doubling the 10% duty he had slapped on Beijing in early February.
Economists have warned that the president’s aggressive moves could cause negative consequences globally, including triggering inflation that could hurt consumers.
The stock market suffered a dramatic sell-off after Trump’s announcement Monday. The S&P 500 dropped 1.8%, its worst day since December, falling into negative territory for the year. Stocks were under pressure yet again Tuesday, with the tech-heavy Nasdaq Composite flirting with correction territory.
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