President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.

President Trump is making good on tariff threats that will raise the stakes of his trade war with China and potentially ignite another in North America. Why it matters: It breaks a pattern of head fakes that Wall Street and businesses large and small had hoped would continue.

Beijing imposed broad tariffs on imports of American food and said that 15 U.S. companies could no longer buy from China without special permission.