On Monday, President Trump declared that 25% tariffs on goods from Mexico and Canada would take effect immediately, after a previously established pause expired. His remarks contributed to a significant decline in stock markets, with the S&P 500 falling over 2% and the Dow Jones plummeting 848 points. The tariffs are framed as a response to Mexico's and Canada's failure to address illegal immigration issues, particularly regarding fentanyl. Both countries have prepared retaliatory tariffs, with Canada warning of economic impacts on American goods as Prime Minister Trudeau encourages citizens to choose Canadian products.
President Trump announced that tariffs on Mexico and Canada will commence immediately, impacting stocks and prompting potential retaliation from both countries.
Both Canada and Mexico are set to respond with their own tariffs, highlighting the escalating trade tensions and the potential economic fallout for American exporters.
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