Trump orders steep tariffs on goods from Mexico, Canada, China.

President Donald Trump on Saturday ordered tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods starting on Tuesday to address what he calls a national emergency of fentanyl and illegal immigration pouring into the United States.

Mexico and Canada, the top two U.S. trading partners, immediately vowed retaliatory tariffs, while China said it would challenge Trump’s move at the World Trade Organization and take other “countermeasures”.

“There was some hope that there would be a last-minute negotiation breakthrough with Canada, especially. So, I would say this is a modest disappointment for markets, especially for the Canadian currency.

“For Europe, this is a mild negative in the sense that (Canada’s) negotiations with Trump did not yield a last-minute result and the European response has been to negotiate.

Source: FINANCE.YAHOO