Trade War Tremors: Trump's Tariffs Shake Global Markets

President Trump's tariffs on Canada and Mexico have come into effect, raising global market concerns and prompting retaliations. Canada plans $100 billion in counter-tariffs, while Mexico prepares its response. The escalation of this trade conflict could have far-reaching economic impacts, as nations brace for a potential trade war.

President Donald Trump's implementation of tariffs against Canada and Mexico started Tuesday, unsettling global markets and inviting potential retaliations from North America's closest allies.

Imports from both countries will now face increased taxes—25% for general goods, with Canadian energy products seeing a 10% levy. Meanwhile, China is countering American tariffs up to 15% on various US farm exports.

Canadian Prime Minister Justin Trudeau swiftly announced tariffs on over $100 billion of American products. Mexico's President Claudia Sheinbaum plans to announce further retaliatory measures, though hopes persist for de-escalation of the growing trade tensions.

(With inputs from agencies.)