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

As Canada and Mexico make plans for reciprocal tariffs on U.S. goods, Canadian Prime Minister Justin Trudeau calls President Trump's move "a very dumb thing to do."

Many imports from Canada and Mexico will be exempt from tariffs, as the president quickly reversed a sweeping trade action taken just two days ago after market turmoil.