President Trump on Saturday unleashed a new wave of tariffs on Canada, Mexico, and China, escalating a bitter trade war that threatens to disrupt global commerce and drive up prices for American consumers.

The tariffs, which take effect on Tuesday, include a 25% levy on all goods from Canada and Mexico, with a 10% tariff on energy resources like oil and gas. China will face an additional 10% tariff on top of existing levies.

The move is a significant escalation of the trade tensions that have been simmering between the US and its major trading partners. Trump has long complained that the US is being taken advantage of by its trading partners, and has vowed to take action to protect American industries and workers.

The tariffs are expected to have a significant impact on the US economy, with potential price increases for American consumers and disruptions to global supply chains. The move has also sparked criticism from business groups, with the US Chamber of Commerce slamming the decision as “unprecedented” and warning of potential economic harm.

Canada and Mexico have already announced retaliatory tariffs, with Canada targeting $155 billion worth of American goods and Mexico vowing to impose tariffs on US products. China has also vowed to take action, with the country’s commerce ministry saying it will impose “necessary countermeasures” in response to the US tariffs.

The trade tensions have sparked concerns of a potential trade war, with investors and economists warning of the potential risks to the global economy. The US dollar has gained momentum against its major rivals, while the Chinese proxy, the Australian dollar, has slumped across the board.

The Trump administration has argued that the tariffs are necessary to protect American industries and workers, but critics say the move will ultimately harm the US economy and American consumers. As the trade tensions continue to escalate, one thing is clear: the impact of the tariffs will be felt far beyond the borders of the US.