Josh Wingrove

The actual formula used isn’t how the White House initially signaled the calculations would be done.

China will face a 34% rate, while the EU faces a 20% levy and Vietnam sees a 46% tariff.

One recent study found that tariffs on Canada, Mexico, and China would raise the cost to produce a crossover vehicle by about $4,000, while a U.S.-made EV would jump by about $12,000.

Canada announced new 25% tariffs on about C$30 billion (US$20.8 billion) of U.S.-made products, including steel, aluminum, computers, and sporting goods.

He downplayed the risk that he might cause a recession through the shifting and unpredictable nature of the current, on-again, off-again trade war.

Trump delays by another month his tariffs on all Canadian and Mexican goods covered by the USMCA.

“There are going to be tariffs on Tuesday on Mexico and Canada. Exactly what they are, we’re going to leave that for the president and his team to negotiate.”

Targeted countries vow to hit back, and analysts predict “a significant supply shock” to the U.S. economy resulting in 1.2% lower GDP and 0.7% higher inflation.