President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunged the world economy into a deepening trade war.
The new U.S. tariffs — 25% duties on most Canadian and Mexican imports and raising the charge on China to 20% — apply to roughly $1.5 trillion in annual imports, an expansive move signaling to markets that the Republican president is committed to inflicting economic pain to generate fresh revenue and create domestic manufacturing jobs.
