Donald Trump confirms Mexico and Canada tariffs – prompting a stock 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 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, in which…