Trump Tariff War Live Updates: US President Imposes 25% Tariffs on Canada, Mexico and China

The trade war initiated by US President Donald Trump escalated on Tuesday as he imposed 25% tariffs on goods imported from Canada and Mexico. This move came just a day after he signed an executive order doubling tariffs on Chinese products to 20%. The decision sparked retaliation from these countries, with Canada, Mexico, and China imposing their own duties on US imports.

Analysts are now predicting that Trump’s economic policies will lead to inflation pressures, slow down the economy, and eat into corporate profits. This comes at a time when reports have indicated a cooling economy.

Key points from the recent developments include:
– Canada and Mexico facing 25% tariffs on their imports, with Canadian energy products subject to 10% import duties.
– China retaliating with tariffs of up to 15%.
– Canada imposing 25% tariffs on C$30 billion worth of US imports.
– Mexico also implementing 25% tariffs on US goods.
– The US administration intending to tax imports from the European Union and collect a 25% tariff on aluminum and steel imports.

The impact of these tariffs is already being felt in the stock markets, with global markets experiencing a downturn. The US dollar plunged to a three-month low, and European defense and manufacturing stocks saw a rise. Copper prices surged by more than 5% in New York, and the Paris stock exchange gained 2.1%.

As the trade war continues to unfold, the world is closely watching the developments and their potential impact on the global economy. Stay tuned for more updates on this ongoing tariff war.