U.S. President Donald Trump announced on Monday that a 25% tariff on goods from Mexico and Canada would take effect, causing concerns of a North American trade war and impacting the financial markets. Trump stated that the tariffs were necessary to incentivize car manufacturers to build in the United States and to address the flow of fentanyl into the country. The tariffs would disrupt the North American economy, affecting over $900 billion in annual U.S. imports. Canada and Mexico confirmed that they would respond to the tariffs. Economists warn that Trump's tariff strategy could lead to inflation and a global recession.



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