Mexican President Claudia Sheinbaum speaks after reading a letter to be sent to U.S. President-elect Donald Trump, warning that tariffs would cause inflation and job losses in both countries, at National Palace in Mexico City, Mexico, November 26, 2024. 
Presidencia De Mexico | Via Reuters

President Donald Trump went forward with sweeping tariffs at midnight on goods imported from Canada and Mexico, while doubling down on punitive duties on China.

Just now Mexico’s president said retaliatory tariffs are coming Sunday.

Starting Tuesday, 25% tariffs on two U.S. neighbors — Canada and Mexico — went into effect. The president also imposed an additional 10% tariff on Chinese imports, doubling the 10% duty he had slapped on Beijing in early February.

Economists have warned that the president’s aggressive moves could cause negative consequences globally, including triggering inflation that could hurt consumers. The stock market suffered a dramatic sell-off after Trump’s announcement. The S&P 500 dropped 1.8%, its worst day since December, falling into negative territory for the year. Futures were under pressure yet again Tuesday.