Donald Trump says US tariffs on Canada, Mexico, and China are necessary after decades of being "ripped off" by trade partners. Canadian PM Trudeau warned of "real consequences" for American consumers.

The president’s threats to slap duties on goods imported from the European Union are part of a pattern of directing the harshest penalties at the United States’ closest allies.

European leaders were bracing for U.S. tariffs after sweeping levies imposed by U.S. President Donald Trump, affecting billions of dollars in trade between Mexico, China and Canada, roiled global markets and currencies.