Trump tariffs on Canada, Mexico, China rattle markets
The tariffs on America's top three trading partners are expected to raise the prices of everything from gas and cars to tomatoes and tequila

What happened
U.S. stock futures were down sharply, oil prices were higher and Asian markets were lower Monday morning, the first trading day since President Donald Trump's Saturday orders for 25% tariffs on most imports from Canada and Mexico and an additional 10% import tax on Chinese goods. Oil imports from Canada will be taxed at 10%. Canada quickly announced targeted retaliatory tariffs and Mexico and China said they will unveil their responses soon.
Who said what
"Will there be some pain? Yes, maybe," Trump said in all-caps on Truth Social Sunday. But "it will all be worth the price that must be paid." The tariffs on America's top three trading partners are expected to raise the prices of everything from gas, cars, consumer electronics and homebuilding to avocados, tomatoes and Mexican beer and tequila. Trump has "framed his latest actions as leverage on immigration and drugs," The Associated Press said, though tiny amounts of fentanyl and migrants enter the U.S. from Canada.
"Tariffs are simply taxes," Sen. Rand Paul (R-Ky.) said on X, and "taxing trade will mean less trade and higher taxes." If other congressional Republicans agreed, The New York Times said, "they kept it to themselves." This is "the dumbest trade war in history," The Wall Street Journal said in an editorial, and that may be "an understatement."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
The U.S. and Canadian tariffs are scheduled to go into effect Tuesday. "What comes next is highly uncertain because Trump's motives are difficult to discern," the Journal said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
How caviar went mainstream
The Week Recommends From elite delicacy to viral trend, fish eggs are becoming more accessible
By The Week UK Published
-
Oysters could help combat antibiotic resistance
Under the radar The mollusk shows infection-fighting abilities
By Devika Rao, The Week US Published
-
Crossword: February 10, 2025
The Week's daily crossword
By The Week Staff Published
-
'Orange juice also is facing a grander existential problem'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Federal judges block Trump citizenship order
Speed Read A second judge has blocked the president's order to end citizenship for children born on American soil to parents without legal status
By Peter Weber, The Week US Published
-
DOGE official at Treasury resigns after racist posts
Speed Read Marko Elez's ability to access the Treasury's central government payment system has been rescinded
By Rafi Schwartz, The Week US Published
-
Peter Dutton: Australia's 'Trump-lite' PM-in-waiting
In the Spotlight Liberal's 'hard-man' leader now frontrunner to beat incumbent Anthony Albanese in upcoming election
By The Week UK Published
-
'Seriously, not literally': how should the world take Donald Trump?
White House rhetoric and reality look likely to become increasingly blurred
By Sorcha Bradley, The Week UK Published
-
21 things Trump has said about the military
In Depth The president has a history of making off-color remarks about veterans and service members
By David Faris Published
-
What the CIA will look like if Trump gets his way
IN THE SPOTLIGHT The country's premier intelligence agency finds itself at a crossroads — and in the crosshairs of a president who has long railed against his 'deep state' adversaries
By Rafi Schwartz, The Week US Published
-
'Greenland is not for sale and never will be'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published