US has implemented tariffs on goods from Canada, Mexico, and China, sparking retaliatory measures from the affected countries.
Gatekeepers News reports that the tariffs, which came into effect at midnight US time, impose a 25% duty on goods from Canada and Mexico, and a 20% tariff on Chinese goods.
China has responded by announcing fresh tariffs on US agricultural imports, including chicken, wheat, and corn. The Canadian government has also vowed to impose immediate 25% tariffs on $20.7 billion worth of US imports.
Canadian Prime Minister Justin Trudeau criticized the US tariffs, saying, “Tariffs will disrupt an incredibly successful trading relationship.” He added that the tariffs would violate the US-Mexico-Canada free trade agreement.
Mexico’s president is expected to announce her response to the tariffs later today. The move has sparked concerns among businesses and economists, who warn that the tariffs could lead to widespread disruption and higher prices for consumers.
As Chris Weston, an analyst at Pepperstone, noted, “Market anxiety levels have been dialled up, and we see traders having to react aggressively and dynamically to the deluge of headlines and social posts confirming that tariffs on China, Mexico, and Canada are to be implemented in full and as threatened.”
