WASHINGTON — President Donald Trump’s long-threatened tariffs against Canada and Mexico finally went into effect Tuesday, putting global markets on edge and setting up costly retaliations by the United States’ North American allies.

The U.S. imposed 25% tariffs on Mexico and Canada early Tuesday morning, along with imposing an additional 10% tariffs on Chinese imports. The 25% tariffs will apply to all imports from Mexico and Canada,

US stocks slid Monday as investors braced for President Donald Trump’s proposed tariffs on Canada and Mexico to go into effect by the midnight deadline. The Dow tumbled 650 points, or 1.48%, to close at 43,