Global stocks are tumbling after President Donald Trump imposed 25% tariffs on most imports from Canada and Mexico and 10% on goods from China. The White House said the tariffs are needed to hold the three countries “accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.” Trump is also threatening new tariffs on the European Union.

Economists have widely criticized the tariffs, which are expected to raise consumer prices. The Wall Street Journal published an editorial headlined “The Dumbest Trade War in History.” Mexico and Canada responded by issuing retaliatory tariffs on U.S. goods. This is Mexican President Claudia Sheinbaum.

President Claudia Sheinbaum: “Mexico does not want confrontation. We start from the collaboration between neighboring countries. Mexico not only does not want fentanyl to reach the United States, but we do not want it to reach anywhere. Therefore, if the United States wants to fight criminal groups and wants us to do it jointly, we must work in an integral way.”

We will have more on the Trump tariffs after headlines.