Canada is imposing 25% tariffs on C$30 billion worth of U.S. imports effective immediately, Prime Minister Justin Trudeau told reporters on Tuesday. Trudeau made the announcement just hours after U.S.

President Trump’s long-threatened tariffs against Canada and Mexico went into effect Tuesday, putting global markets on edge and setting up costly retaliations by the United States’ North American allies.

Mexico will respond to 25% tariffs imposed by the United States with its own retaliatory tariffs on U.S. goods.