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March 5, 2025

US tariffs take effect and Mexico, Canada and China retaliate

  • The tariffs come at a bad time for builders, already hurt by inflation and high mortgage rates.
    • By JOSH BOAK, PAUL WISEMAN and ROB GILLIES
    Associated Press

    WASHINGTON — President Donald Trump launched a trade war Tuesday against America's three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin as the U.S. faced the threat of rekindled inflation and paralyzing uncertainty for business.

    Just after midnight, Trump imposed 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy. Trump also doubled the tariff he slapped last month on Chinese products to 20%.


     
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