President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.

European and Asian shares were mostly lower Tuesday after a new round of tariffs imposed by U.S. President Donald Trump took effect. China hit back at Washington's move to raise tariffs by 20% across the board with higher duties of up to 15% on U.

China on Tuesday announced retaliatory tariffs and export controls, as President Donald Trump's tariffs on goods from China, Canada and Mexico went into effect