Trump Orders New Tariffs on Major Trade Partners.
President Trump signed orders Sunday placing tariffs on imports from Canada, Mexico, and China. The rules set 25 percent duties on most Canadian and Mexican goods and 10 percent tariffs on Canadian energy items and Chinese products.
Trump warned Americans might face "some pain" after the tariffs begin.
Canada and Mexico announced plans to strike back. Canadian Prime Minister Justin Trudeau pledged counter-tariffs starting Tuesday, matching the U.S. start date. Mexican President Claudia Sheinbaum said she could reveal her "Plan B" response tomorrow.
China's Commerce Ministry stated it would sue the World Trade Organization and take steps "to safeguard its rights and interests firmly."
Asian markets fell sharply after the news. The Nikkei dropped 1.99 percent, Australia's ASX fell 1.61 percent, and South Korea's Kospi lost 2.52 percent. Hong Kong stocks opened down 1.23 percent.
The tariffs target a key trade rule that helped online retailers Temu and Shein grow fast. These orders end the "de minimis" rule, which lets packages under $800 enter the U.S. without duties.
The changes affect America's three biggest trading partners. The new rules start Tuesday, marking a major shift in U.S. trade policy toward its closest economic allies.
President Trump signed orders Sunday placing tariffs on imports from Canada, Mexico, and China. The rules set 25 percent duties on most Canadian and Mexican goods and 10 percent tariffs on Canadian energy items and Chinese products.
Trump warned Americans might face "some pain" after the tariffs begin.
Canada and Mexico announced plans to strike back. Canadian Prime Minister Justin Trudeau pledged counter-tariffs starting Tuesday, matching the U.S. start date. Mexican President Claudia Sheinbaum said she could reveal her "Plan B" response tomorrow.
China's Commerce Ministry stated it would sue the World Trade Organization and take steps "to safeguard its rights and interests firmly."
Asian markets fell sharply after the news. The Nikkei dropped 1.99 percent, Australia's ASX fell 1.61 percent, and South Korea's Kospi lost 2.52 percent. Hong Kong stocks opened down 1.23 percent.
The tariffs target a key trade rule that helped online retailers Temu and Shein grow fast. These orders end the "de minimis" rule, which lets packages under $800 enter the U.S. without duties.
The changes affect America's three biggest trading partners. The new rules start Tuesday, marking a major shift in U.S. trade policy toward its closest economic allies.
