After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.

The action immediately shook global markets, plummeted stocks and will likely raise prices on everyday products – from gas to produce – for consumers. Canada, Mexico and China quickly retaliated, with Canadian Prime Minister Justin Trudeau saying Ottawa is setting 25% tariffs on $20.7 billion worth of U.S. imports, from orange juice to cosmetics.

Donald Trump's focus on tariffs has unsettled investor, consumer, and business confidence, raising fears of a U.S. recession and global economic slowdown.