Donald Trump confirms Mexico and Canada tariffs – prompting a stock market sell-off

Donald Trump’s 25% tariffs on goods from Mexico and Canada have come into effect, as has an additional 10% on Chinese products, bringing the total import tax to 20%. The US president confirmed the tariffs in a speech at the White House – and his announcement sent US and European stocks down sharply. The tariffs will be felt heavily by US companies which have factories in Canada and Mexico, such as carmakers. Mr Trump said: “They’re going to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States,…