China and Canada responded when Trump’s tariffs come into play

Canada, Mexico and China have promised to retaliate after tariffs on goods that enter the United States from their countries entered into force on Tuesday.

The president of the United States, Donald Trump, has imposed 25% tariffs against Canada and Mexico, and 20% of tariffs against China.

The stock markets in the US., The United Kingdom and Asia fell after the introduction of taxes amid the fears of the expansion of the commercial war.

Analysts have warned that tariffs could increase the prices of US households and could also have an effect on consumers around the world, including the United Kingdom.

Trump threatened to impose tariffs, which are an added tax to a product when he enters a country: in Canada, Mexico and China in response to what he states is the unacceptable flow of illegal drugs and illegal immigrants in the United States.

But the Canadian Prime Minister Justin Trudeau said that his country was responsible for less than 1% of fentanyl who entered the US. UU. And would retaliate with 25% tariffs on US goods worth $ 150 billion.

China quickly announced its own counter measures, which include 10-15% tariffs on some agricultural goods in the United States, including wheat, corn, beef and soybeans. Mexico is expected to announce your answer later.

The three main stock market rates in the US.

Andrew Wilson, from the International Chamber of Commerce, said: “What we are seeing is the greatest effective increase in US tariffs since the 1940s, with serious economic risks associated with that.”

“The initial market movements are completely reflective that we are now entering a very risky scenario for global trade and for the global economy,” BBC Radio 4 told BBC Radio 4

He said that Yale University had predicted that these measures could cost US households in the $ 2,000 region alone this year.

She, Hoxha, Newton Management Fixed Revenue Chief, told the BBC: “In terms of consumers, it is more likely to be looking, certainly in the short term, it increases prices as companies pass some of those consumer prices.”

Chris Torrens, vice president of the British Chamber of Commerce in China, added: “It is a great challenge for British businesses due to the historical links that the United Kingdom and the United States have (we are) seeing what the dismantling of a transatlantic alliance between the United States and Europe seems.

“But, there is a true sense of hope for a stronger relationship in the United Kingdom.”