President Donald Trump's "Liberation Day" appeared set to end North American free trade and Mexico's privileged access to the U.S.

At first glance, Mexico got off lightly from Donald Trump's "Liberation Day" tariffs blitz. A day after the tariffs were announced, the shockwaves are still being felt.

US President Donald Trump’s reciprocal tariff announcements on Wednesday left Canada and Mexico breathing a sigh of relief Wednesday as they were excluded from a new wave of reciprocal tariffs, which were slapped on countries starting with a baseline 10 per cent charge on imports going up to 46 per cent.

For decades, global commerce abided by tariff rates agreed to by the U.S. and 122 other countries during the 1980s and 1990s. On Wednesday, Trump detonated that arrangement, saying that other countries had exploited the system and “ripped off’’ the United States for years, causing its once-mighty manufacturing base to shrink.

US President Donald Trump announced a 26% “discounted reciprocal tariff” on Indian imports, citing India's high duties on US goods. He noted that India imposes a 56% tariff on American products, prompting the US to counter with a 26% levy.

U.S. financial markets responded with significant losses after President Donald Trump unveiled his tariff plans.

Ottawa will impose a 25 per cent import fee on all cars not produced under the North American Trade Pact USMCA.

President Donald Trump's anticipated tariff announcement sparked varied responses from the leaders of Canada and Mexico.

Mexico and Canada avoided fresh tariffs on Wednesday with President Donald Trump exempting the United States' top trading partners from his new 10% global tariff baseline, although previous duties remain in place.