Summary

Americans face price hikes after Trump imposed 25% tariffs on most Canadian and Mexican imports and doubled Chinese tariffs to 20%.

Retailers like Target and Best Buy expect higher costs for produce, electronics, and household goods. Canada retaliated with C$30bn ($20.7bn) in tariffs and may add C$125bn ($86.3bn) more. China plans 15% tariffs on U.S. farm products.

Stock markets fell sharply, with the S&P 500 down 1.9%.

Critics warn of inflation, job losses, and economic instability as the trade war escalates.