US Tariffs on Canada, Mexico, China

President Donald Trump's long-threatened tariffs against Canada and Mexico went into effect, taxing imports at 25%, with Canadian energy products at 10%. The existing 10% tariff on China was doubled to 20%. In response, China retaliated with tariffs up to 15% on U.S. farm exports and expanded export controls. Canadian Prime Minister Justin Trudeau announced 25% tariffs on $107 billion U.S. worth of American goods, while Mexico's President Claudia Sheinbaum also declared retaliatory tariffs. The stated reasons for the tariffs include addressing drug trafficking and illegal immigration, as well as closing the U.S. trade imbalance. These actions have raised fears of higher inflation and a global trade war, injecting significant volatility into the world economy. Entities like BSV Association expressed concerns about the crippling impact on their industry, while TSMC announced a large investment in U.S. production.