Trump’s long-threatened tariffs against Canada and Mexico are now in effect, kicking off trade war [Video]

President Donald Trump‘s long-threatened tariffs against Canada and Mexico finally went into effect Tuesday, putting global markets on edge and setting up costly retaliations by the United States’ North American allies. 

What we know:

Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products getting tariffed at 10%. In addition, the 10% tariff that Trump placed on Chinese imports in February is doubling to 20%.

Retaliatory measures

In response, Canadian Prime Minister Justin Trudeau said his country would slap tariffs on more than $100 billion of American goods over the course of 21 days. China announced Tuesday it will impose additional tariffs of up to 15% on imports of key U.S. farm products, including chicken, pork, soy and beef. The tariffs announced by the Commerce Ministry are due to take effect from March 10.

China added 15 U.S. companies to its unreliable entities list, which …