What to know about Trump's tariffs targeting Canada, Mexico and China

President Donald Trump has taken executive action to impose new tariffs on imports from Canada, China and Mexico. The move fulfills campaign promises but also sparked retaliatory moves that could signal an extended trade war with key trading partners and, in the case of Mexico and Canada, the closest U.S. neighbors and allies. Unlike during the 2024 campaign, when Trump billed his economic agenda as a sure-fire way to reduce the cost of living for American workers, the president now is acknowledging what many economists have long forecasted: the levies could yield higher prices and lower supplies across the market.