U.S. autos, homebuilders, materials take hits as Trump trade war kicks off

Shares of U.S. companies have come under pressure from the latest escalation in Washington's trade war, with the newest tariffs on Canada and Mexico expected to hit earnings in several sectors, including automakers, retailers and raw materials. President Donald Trump imposed 25% tariffs on imports from Mexico and Canada, effective Tuesday. The action covers more than $900 billion worth of annual U.S. imports from the two countries. Trump also doubled duties on Chinese imports to 20% to punish Beijing over the U.S. fentanyl overdose crisis. The cumulative duty comes on top of up to 25% tariffs imposed during his first…