Over the weekend, the Trump administration announced it was imposing a 25% tariff on goods imported from Canada and Mexico, as well as a 10% tariff on goods from China.

Two weeks into his second term, President Donald Trump has launched the United States into a new trade war. He announced steep new tariffs on imports from Canada, Mexico and China — the three largest U.

Shares in Europe and Asia have fallen after US President Donald Trump announced tariffs on Canada, Mexico and China, and said tariffs on the EU would "definitely happen". The German and French stock markets were down about 2%, with shares in carmakers among the worst hit, while London's FTSE 100 dropped more 1%.

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.

On Friday afternoon, around the same time a delegation of senior Canadian officials was preparing to meet with President Donald’s Trump’s border czar in a bid to stave off withering new tariffs, Trump himself essentially told them from afar: Don’t bother.

Costco customers are waiting in long lines and panic-buying eggs because of Trump’s new tariffs on imported goods. That’s on top of an already short supply of eggs because of an outbreak of avian flu.

According to President Sheinbaum, Mexico has cut a deal with the U.S. to delay the tariffs. Under the deal, she said Mexico is sending another 10,000 members of its national guard to the southern border to combat drug traffickers, while the U.S. has agreed to do more to prevent the trafficking of high-powered weapons to Mexico.

Gulf stock markets fell in line with global shares on Monday, as U.S. President Donald Trump's tariffs on Canada, Mexico and China sparked fears of an escalating trade war and its potential impact on global economic growth.

"There are no winners in trade wars. If … the U.S. starts a trade war, then the one laughing on the side is China," said the EU's foreign policy chief.

President Trump’s threats are carrying more weight after his moves against Canada, Mexico and China. Europe has been preparing for the possibility of a trade war for months.