US businesses brace for Trump’s tariffs on Canada, Mexico and China to drive up costs WSOC TV [Video]

WASHINGTON — (AP) — From an ice cream parlor in California to a medical supply business in North Carolina to a T-shirt vendor outside Detroit, U.S. businesses are bracing to take a hit from the taxes President Donald Trump imposed Saturday on imports from Canada, Mexico and China — America’s three biggest trading partners.

The levies of 25% on Canadian and Mexican and 10% on Chinese goods will take effect Tuesday. Canadian energy, including oil, natural gas and electricity, will be taxed at a lower 10% rate.

Mexico’s president immediately ordered retaliatory tariffs and Canada’s prime minister said the country would put matching 25% tariffs on up to $155 billion in U.S. imports.

China’s Ministry of Foreign Affairs said the country’s government firmly opposes the move and will take “necessary countermeasures to defend its legitimate rights and interests.” The Ministry of Commerce in China said it would file a lawsuit with the World Trade Organization …