The news: President Donald Trump imposed sweeping tariffs that could significantly alter consumers’ spending habits.

• After a month of delays, Trump imposed 25% tariffs on Mexico and Canada before adding last-minute exemptions to goods that fall under USCMA (about half of all imports from Mexico and 38% from Canada) until April 2.
• The administration also added another 10% tariff on Chinese imports.

China and Canada have since announced retaliatory tariffs. Prime Minister Justin Trudeau said Canada “will continue to be in a trade war that was launched by the United States for the foreseeable future.”