Donald Trump Live Updates: US imposed new tariffs on Canada and Mexico and doubled duties on Chinese goods.

The move was implemented on Tuesday with Trump citing the three partners’ failure to curb the flow of fentanyl and its precursor chemicals into the US as the key reason behind it.

Trade war fears sent markets falling in Asia and Europe on Tuesday in response to what analysts said were its steepest tariffs on imports since the 1940s.

How China, Mexico and Canada responded

China responded immediately, announcing additional tariffs of 10%-15% on certain US imports from March 10 and a series of new export restrictions for designated US entities. Later it said it had raised complaints about the new measures with the World Trade Organization.

Canadian Prime Minister Justin Trudeau said Ottawa would respond with 25% tariffs on C$30 billion ($20.7 billion) worth of US imports and another C$125 billion if Trump’s tariffs were still in place in 21 days.

Mexico President Claudia Sheinbaum on Tuesday said that the country will respond to 25% tariffs imposed by the United States with its own retaliatory tariffs on US goods. AFP reported.

Donald Trump Live Updates: Top points

• President Donald Trump’s long-threatened tariffs against Canada and Mexico went into effect Tuesday.
• Imports from Canada and Mexico will now be taxed at 25%, with Canadian energy products subject to 10% import duties.
• The 10% tariff that Trump placed on Chinese imports in February was doubled to 20%.
• Beijing retaliated Tuesday with tariffs of up to 15% on a wide array of US farm exports.
• China also expanded the number of US companies subject to export controls and other restrictions by about two dozen.
• Canadian Prime Minister Justin Trudeau said his country would slap tariffs on more than $100 billion of American goods over 21 days.
• Trade war fears sent markets falling in Asia and Europe on Tuesday.
• US markets dropped sharply Monday after Trump said there was “no room left” for negotiations that could lower the tariffs.
• The Canada and Mexico tariffs were supposed to begin in February, but Trump agreed to a 30-day suspension to negotiate further with the two largest US trading partners.
• Trump could also impose more tariffs on the European Union, India, computer chips, autos and pharmaceutical drugs.