Donald Trump hit Canada, Mexico and China with steep tariffs on Saturday in a move that threatens to launch a new era of trade wars between the US and three of its largest trading partners.
Trump issued an executive order applying additional tariffs of 25 per cent to all imports from Canada and Mexico, with the exception of Canadian oil and energy products, which will face a 10 per cent levy. Canada is by far the biggest foreign oil supplier to the US, accounting for about 60 per cent of its crude imports.
Imports from China will face a 10 per cent tariff over and above existing US tariffs.
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