Trump's New Tariffs on Trade Partners Shake Global Markets

Temporary exemptions for Mexico and U.S. automakers contrast with sweeping levies on Canada and China, raising economic and diplomatic tensions.

President Trump imposed 25% tariffs on Canada and Mexico, citing border security and fentanyl concerns, but granted a one-month exemption for Mexico on most products under USMCA rules.
China faces increased tariffs of 20% on its exports to the U.S., with analysts warning of potential significant impacts on its GDP and consumer confidence.
The U.S. auto industry received a temporary reprieve from tariffs, with exemptions for major automakers extending until April 2 to avoid disruptions to North American production lines.
Canada retaliated with $30 billion in tariffs on U.S. goods and other measures, as Prime Minister Trudeau criticized the trade war as damaging and long-term.
Financial markets reacted negatively, with U.S. stock indices dropping sharply, reflecting investor concerns over economic uncertainty and protectionist policies.