Donald Trump has announced sweeping tariffs on Mexico, Canada and China, kicking off a trade war that will affect the globe.
Here we look at the tariffs and what they all mean for the world:
What did Trump announce?
The US president said on Sunday that goods from Mexico and Canada will face 25% tariffs, while 10% taxes will be implemented on imports from China.
Canadian energy, including oil, natural gas and electricity, will be taxed at a 10% rate.
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The levies were expected to all take effect on Tuesday, with Mexico and Canada both announcing counter-tariffs of their own in response.
However, Mexican President Claudia Sheinbaum said in a news conference on Monday that implementation of the tariffs would be paused for a month, after she and Mr Trump had a conversation and came to an agreement.
But Mr Trump has also threatened to go further, saying tariffs on the European Union would be implemented “pretty soon”.
When questioned about the UK, the president said Britain was “out of line” when it came to trade but he thought the situation could be “worked out” without the use of tariffs.
What are tariffs, and how do they work?
Put simply, tariffs are taxes on goods that are brought in from other countries.
By raising the price of imports, tariffs aim to protect domestic manufacturers by making locally made goods cheaper.
Contrary to what Mr Trump has said, it is not foreign countries that pay tariffs, but the importing companies that buy the goods.
For example, American businesses like Walmart or Target pay tariffs directly to the US treasury.
In the US, these tariffs are…
