American President Donald Trump announced a 25% tariff on Mexico and Canada starting Tuesday. Trump made the announcement while speaking to reporters on Monday. Additionally, he announced an increase of the 10% tariff imposed on China in February to 20%.

Following Trump's announcement, the U.S. stock market experienced a decline. The S&P 500 index dropped by up to 2%.

In response to Trump's announcement, Canadian Prime Minister Justin Trudeau also announced countermeasures. He stated that a 25% tariff would be imposed on $155 billion worth of U.S. imports within the next 21 days. This will begin with tariffs on $30 billion of imports starting Tuesday.

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