The trade war promised by President Donald Trump stepped up a gear overnight, with 25% tariffs on goods from Mexico, Canada, and an additional 10% on China taking effect. No one was really sure that it would actually happen—a month ago,

President Donald Trump’s 25% tariffs on goods from Mexico and Canada, plus an additional 10% tariff on Chinese imports, started just after midnight Tuesday—potentially leading to price hikes on a range of imported goods,

President Donald 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.