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Mexico President Claudia Sheinbaum said March 4 that Mexico will respond to 25% tariffs imposed by the United States with its own retaliatory tariffs on U.S. goods.

President Donald Trump’s long-threatened tariffs against Canada and Mexico went into effect March 4, putting global markets on edge and setting up costly retaliations by North American allies.

Canada announced a package of counter-tariffs against U.S. products after President Donald Trump confirmed that his administration will go ahead with levies against Canada and Mexico.

The president did not clarify if this plan is part of a previously announced effort to enact so-called “reciprocal” tariffs on nearly all U.S. trading partners.

Lumber futures rose to the highest in more than two and a half years after President Donald Trump ordered an investigation into shipments of the commodity into the U.S.

Tariffs of 25% on imports from Canada and Mexico threaten to exacerbate an automotive affordability crisis that is already driving buyers out of the market.

The Institute for Supply Management’s manufacturing index slipped by 0.6 point in February to 50.3, according to data released March 3. Readings above 50 indicate growth.

The long-promised tariffs scheduled to take effect March 4 would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports.

The CEO of Walmart Inc. said American consumers are showing signs of stress as food prices remain stubbornly high.

U.S. Treasury Secretary Scott Bessent said Mexico has proposed matching Washington’s tariffs on China and urged Canada to do the same.