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Tariff wars are on.
The opening shot came Saturday when President Trump announced new 25% tariffs on imports from Canada and Mexico and an additional 10% tariff on Chinese goods.
On Sunday, he said tariffs were coming for the European Union, too.
It was the most sweeping act of protectionism taken by a US President in almost a century,
and it reverses three decades of economic integration in North America.
Enda Curran covers the global economy for Bloomberg,
and he says even though Trump has been talking a big game on tariffs for a while,
many were surprised by their scale.
This is a sweeping implementation of tariffs, probably coming faster than many people expected.
And of course,
the breadth of it covering all of goods that come in from these countries has come as a. Surprise to many already,
Enda says.
We're seeing reactions from people in the targeted countries.
We had reports last night of the booing of the US Anthem at sports games.
We had the news in Ontario of those state owned alcohol outlets taking U.S. bottles off of their shelves.
And in the U.S. consumers are showing signs of anxiety, too.
We had plenty of people last night tweeting warnings from their electricity,
their gas supplier that their costs are going up due to the tariffs.
We had people tweeting images of avocado prices going up in real time because of what's going to happen in the Mexico side.