Experts warned that tariffs could increase construction costs and lead to higher mortgage rates, further eroding affordability in the U.S. housing market.

Here are some things to know about Trump’s actions, the counters from U.S. trading partners and what it means for American consumers.

Donald Trump’s planned tariffs on Mexico and Canada are also dealing a blow to some of the US’s closest allies in Asia.

Shares in Asian manufacturers tumbled on concern that tariffs will hurt trade in North America and disrupt global supply chains.

Follow the latest news on the tariffs and other Trump administration moves. Leaders for Canada, Mexico, and China, including Justin Trudeau, respond after President Donald Trump imposes tariffs.

President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans as global markets reflected concerns the levies could undermine growth and reignite inflation.

Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised "corresponding countermeasures" and vowed to challenge Trump's move at the World Trade Organization. Trump has said the tariffs are necessary to halt the flow of illegal drugs and immigration into the US.

President Donald Trump took action Saturday to impose new tariffs on Canada, Mexico and China, the White House said, which could have a sweeping impact on the American economy. The additional tariffs on Canadian and Mexican goods will be 25 percent,

Investors are waking up to US President Donald Trump's tariff threats on key trading partners after a brief honeymoon. On Saturday, Trump ordered 25% tariffs on goods from Canada and Mexico and a 10% tariff on China,