What to know as Trump’s long-promised tariffs go into effect on Mexico, Canada, China [Video]

WASHINGTON — Tariffs long-promised by President Donald Trump’s administration went into effect at 12:01 a.m. Tuesday.

The move impacts products from Mexico, Canada and China — the three largest trading partners of the United States — meaning that it could impact prices for everything from gasoline to avocados to iPhones.

At the beginning of his second term, Trump set March 4 as the start date for 25% tariffs on imports from Mexico and Canada, as well as 10% tariff on Chinese goods — which, as of Tuesday, rises to 20%, per an amended executive order on Monday afternoon.

Speaking at the White House on Monday, Trump confirmed that the tariffs would take effect the following day.

The announcement sent major stock indexes plummeting. The S&P suffered its biggest loss since December, closing at 5,849.72 — down 104.78 points or 1.76%. The Dow Jones Industrial Average closed at 43,191.24 down 649.67 points or 1.48%, …