China, Russia and other countries have developed retaliatory options that could deeply hurt America’s economy and standard of living.

Punishing 25% levies on imports from America’s closest neighbors were due to come into force at 12:01 a.m. ET Tuesday, but Trump put his two-front trade war on hold, claiming he’d scored two big wins and major concessions.

Trump's tariffs on Canada, Mexico and China suggest he is willing to risk a global trade war. The main thing that could stop him would be a stock market selloff.

Trump’s arrival has added to pre-existing worries. Despite an International Monetary Fund official declaring in October that the battle against inflation was “almost won,” attendees at the World Economic Forum in Davos last month harbored open doubts.

President Donald Trump’s ambitions for a reordering of world commerce are broader. The opposition — at home and abroad — is weaker. And the economic risks he seems prepared to run may be greater.

BBC reporters in the US, Canada and Mexico assess the fallout after Trump gets border promises in return for a 30-day pause on tariffs.

These aren’t tariffs, they’re taxes, in this case, trade taxes. And these trade taxes aren’t going to be paid by China or Canada. They will be paid by American companies—like Walmart, which imports apparel,

Donald Trump made good on his promise to impose trade barriers on key US trading partners. Citing the influx of narcotics and “illegal aliens,” the president announced a 25 percent tariff on goods from Mexico and Canada (with a 10 percent carve-out for Canadian energy imports),