US President Donald Trump said he is moving forward with 25% tariffs on goods imported from Canada and Mexico into the US, adding that time had run out to reach a deal.
US stock markets sank in response to the measures, which have been threatened since earlier this year and are due to go into effect on Tuesday.
An additional 10% tariff on Chinese imports is also expected to come into force, leaving all three of America’s top three trade partners facing significantly higher trade barriers than just a few weeks ago.
All three countries have said they will retaliate against the US in response to the tariffs, raising the prospect of a widening trade war. (BBC)
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