President Donald Trump's 25% tariffs on Canada and Mexico, and the doubling of 10% levies on goods from China, took effect 💧Tuesday—and Beijing and Ottawa immediately hit back.

Stocks tumbled in early trading Tuesday, extending declines from Monday, as investors worried꧅ that Trump's sweeping tariffs would escalate a trade war with America's largest t🐭rading partners while hurting the economy.

Beijing retaliated with a slew of levies on a wide array of farm goods China buys from the U.S. and imposed export controls on more American companies—including several defense firms.

The Chinese Ministry of Finance announced 15% tariffs on imports of chicken, wheat, corn, and cotton from the U.S., as well as 10% tariffs on imports of sorghum, soybea🧸ns, pork, beef, aquatic products, fruits, vegetables, and dairy products sta🎶rting March 10. Beijing also added 15 American companies to an export-control list, including several U.S. defense firms. 

Canada Also Hits Back as Trump's Tariffs Take Effect

Canada also retaliated after Trump's tariffs took effect following a monthlong pause of their implementation.

Canadian Prime Minister Justin Trudeau said Ottawa would impose 25% tariffs on C$30 billion ($27 billion) worth of U.S. goods starting Tuesday, while tariffs on C$125 billion of products will come into effect in 21 days.

"Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures," Trudeau said.

Mexican President Claudia Sheinbaum said at news conference Tuesday she would announce retaliatory tariff and non-tariff measures against the U.S on Sunday, according to The Wall Street Journal. She was reported as saying of the tariffs that "there's no motive, reason or justification that supports this decision that will affect our people and nations,"

UPDATE—March 4, 2025: This article has been updated to include Mexican President Claudia Sheinbaum's reported plan to announce retaliatory tariffs Sunday.