After Donald Trump imposed new tariffs on Chinese goods, as well as 25 percent duties on imports from Canada and Mexico, leaders from both countries retaliated swiftly, Bloomberg reported. Canada announced a 25% counter-tariff on $107 billion of U.

President Donald Trump has finally made good on a campaign promise to raise tariffs on Chinese imports – announcing on Saturday duties of 10% on all Chinese goods coming in the country as part of sweeping trade measures that also targeted Mexico and Canada.

Unlike Canada and Mexico, China hasn't yet announced retaliatory tariffs after Trump unveiled his long-awaited levies on Saturday. Beijing may not have to go that route as it has a "trick up its sleeve" in the form of currency devaluation, a former IMF adviser said.