US President Trump's tariffs are reshaping US trade policy and overhauling decades of free-trade agreements with friend and foe alike.
Here's where things stand with various US trade partners:
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Canada and Mexico: Trump's 25% across-the-board tariffs on its US neighbors went into effect on Tuesday, March 4. Just two days later, Trump confirmed the US would pause tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. However, Trump said Friday that he could impose reciprocal tariffs on Canadian lumber and dairy products as soon as today.
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China: Initial 10% on China went into effect in early February, and China retaliated. Trump's second move doubled the rate of tariffs on Chinese imports to 20% from March 4. China has responded with up to 15% duties on US farm goods such as chicken and pork, to start on Monday, March 10.
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European Union: Trump has threatened tariffs on the EU in a move that could bring his trade war across the Atlantic.
In February, Trump ordered a 25% tariff on all imports of steel and aluminum into the US from all countries, set to begin March 12. The trade escalation impacts top trading partners and bolsters industries in US states key to Trump's election.
Trump has also signed a measure that could lead to the implementation of reciprocal tariffs on US trading partners as soon as April 2, aiming to fulfill a frequent campaign promise and raise revenue as Republicans ready a tax and spending bill.
Read more: What are tariffs, and how do they affect you?
The trade posturing could have ramifications for inflation, with the potential to push prices higher. That, in turn, could influence where the Federal Reserve takes interest rates in the coming months — and years.
LIVE 194 updatesEnough beer to get through Trump's term: One brewery's attempt to 'help' Canadians
Moosehead Breweries, Canada's oldest brewery, has a taken a novel approach to the US' new tariffs on (some) Canadian goods. CNN reports the New Brunswick-based company, founded in 1867, has released a super sized case of lager — 1,461 cans to be precise — which it estimates is "just enough to get through" US President Donald Trump's term:
CNN notes the cost of aluminum lids for Moosehead products, which it can only get in the US, would be affected by the 10% tariffs. The company's CEO said about 20% of its beer is sold to the US.
The math works out to roughly one beer a day for the rest of Trump's term. Cheers.
Not lovin' it: Trump tariffs add to fast food giants' woes
As McDonald's and other fast food chains deal with the twin challenges of lower foot traffic and higher costs, along comes another obstacle: President Trump's tariffs.
Yahoo Finance's Brooke DiPalma reports than even though McD's stock hit a record high on Friday, the uncertainty around what impact tariffs will have on the sector has left companies jittery:
Trump says India wants to cut 'tariffs way down'
As the dust settles from President Donald Trump's on-again, off-again tariffs on Mexico and Canada, Bloomberg reports the president says another country is ready to reduce its tariffs: India.
India didn't immediately comment on Trump's remarks, but as Bloomberg notes, keeping access to the US market has been a top priority for Indian Prime Minster Narendra Modi. Under Trump's plans, reciprocal tariffs on India and other countries would take effect in April.