Trade War Escalates: Trump Imposes Steep Tariffs on Allies and China
Summary
In an escalating trade war, President Trump imposed steep 25% tariffs on imports from key allies Canada and Mexico, while also doubling tariffs on Chinese imports to 20%, sending stock markets plunging amid fears of a global trade conflict.
Key Points
- Trump announced 25% tariffs on imports from Canada and Mexico will take effect Tuesday, despite hopes for a last-minute deal to avoid a trade war.
- Trump also imposed an additional 10% tariff on Chinese imports, doubling the previous 10% duty.
- Stock prices plunged after Trump's announcement, with the S&P 500 falling 1.76%, its worst day since December.