Beijing has said it "firmly rejects" additional US tariffs on Chinese goods and will retaliate in a commerce ministry statement, hours before fresh tariffs are due to take effect. It's worth remembering that the total levy now stands at 20% - and that is on top of the tariffs already imposed on many Chinese goods,

President Donald Trump’s 25% tariffs on goods from Mexico and Canada took effect first thing Tuesday, while Canada responded with plans to

Beijing retaliated with tariffs on many U.S. farm exports, and Justin Trudeau said Canada would slap tariffs on $100 billion of American goods over the next 21 days.

Oil prices fell to multi-month lows on Tuesday after reports of OPEC+ plans to proceed with output increases in April while further price pressure was applied by U.S. tariffs on Canada, Mexico and China as well as Beijing's retaliatory tariffs.

China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by U.

Initially, his administration imposed a blanket 25 percent tariff on trade with Canada, excluding certain energy products, and 25 percent on Mexico. However, some of these were later suspended for one month. Trump also placed an additional 10 percent tariff on trade with China.

Beijing, which set steep duties on canola, peas and pork, wants Canada and Mexico to resist U.S. pressure to raise tariffs on Chinese goods.

Canadian farmers could take a big hit from China’s sudden retaliatory tariffs that take aim at canola, pork and other food commodities. Chris Davison, president of the Canola Council of Canada, said the tariffs are prohibitively high and the fallout will be felt across his industry.

Many imports from Canada and Mexico will be exempt from tariffs, as the president quickly reversed a sweeping trade action taken just two days ago after market turmoil.