President Trump has announced new tariffs starting February 1: 25% on imports from Canada and Mexico, and 10% on Chinese goods. This move aims to pressure Canada and Mexico on border controls and drug smuggling, with possible oil tariffs from Canada in mid-February. In response, Canada and Mexico are preparing retaliation, while China vows to defend its interests.

Economists warn the tariffs could disrupt supply chains and fuel inflation, with analysts fearing retaliatory actions. Trump's plan could impact over $1.3 trillion in U.S. imports. The announcement led to a 0.75% drop in the Dow Jones.

Trump also warned BRICS nations against replacing the U.S. dollar in trade, claiming the idea is "OVER."