U.S. triggers trade war with tariffs on Canada, Mexico

President Donald Trump said on Monday that there was no chance for Canada or Mexico to prevent 25 per cent tariffs from taking effect on Tuesday, sending financial markets reeling on the prospect of new economic barriers.Canadians will be waking up to a new and uncertain reality after U.S. President Donald Trump’s deadline for economy-wide tariffs passed with no relent overnight, triggering a continental trade war.The president’s executive order hitting Canada and Mexico with 25 per cent across-the-board tariffs, with a lower 10 per cent levy on Canadian energy, took effect at 12:01 a.m. ET.