China, Canada Retaliate as Trump Tariffs Take Hold

There was no last-minute reprieve this time in regard to President Trump's tariffs as three new ones took effect at midnight Eastern. A look:

• Canada: Trump imposed a 25% tariff on most imports. Canada responded by imposing 25% tariffs on $30 billion worth of American goods immediately, a total it plans to increase to $125 billion by month's end. Details on which goods are affected are still to come, reports the New York Times.

• China: Trump imposed an additional 10% tariff on products from China, on top of the 10% that went into effect last month. Beijing retaliated with tariffs ranging from 10% to 15% on a slew of American food and farm imports, including soybeans, meat, and grains, per the AP and the Washington Post. They take effect in a week. China also put new business restrictions in place against US companies, including the military-linked Leidos and General Dynamics Land Systems.
• Mexico: Trump imposed a 25% tariff on most Mexican imports. Mexican President Claudia Sheinbaum is expected to lay out her nation's response later on Tuesday morning, reports NBC News.
• Markets: US markets cratered Monday afternoon in anticipation of the news, and futures trading was "muted" ahead of Tuesday's open, reports the Wall Street Journal. Europeans indexes dropped, as did Japan's Nikkei, but China's markets didn't move much. Global auto stocks retreated, including Stellantis, Volkswagen, Volvo, Toyota, and Hyundai.

(More tariffs stories.)