Overview

• President Trump implemented a 10% tariff on Chinese imports, prompting China to impose retaliatory tariffs of 10–15% on U.S. goods and announce export controls on critical minerals like tungsten.
• Tariffs on imports from Mexico and Canada were delayed for one month after both countries agreed to strengthen border security and combat drug trafficking, including Canada appointing a 'fentanyl czar.'
• China added two U.S. firms to its 'unreliable entities list' and launched an antitrust investigation into Google, further intensifying the trade dispute.
• Elon Musk’s influence in the Trump administration is under scrutiny after his Department of Government Efficiency targeted USAID for shutdown and gained access to sensitive Treasury systems.
• The stock market reacted to the tariff announcements with volatility, while economists warned of potential price increases for U.S. consumers and global economic uncertainty.