Trump launched a new trade war Tuesday by imposing tariffs against Washington’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin. Trump put 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy.

U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau spoke for about 50 minutes on Wednesday and discussed fentanyl smuggling and trade, said a Canadian source directly familiar with the conversation.

Canada is delaying its plan for a second phase of retaliatory tariffs against the US after President Donald Trump exempted Canadian and Mexican goods covered by the North American trade agreement.

Ford announced retaliatory plans shortly after Trump implemented tariffs against Canada.

In response to President Trump’s latest round of tariffs this week on Canada, Premier Ford — a political conservative who once supported Trump’s policies but was re-elected last week on a campaign against Trump’s actions — vowed to retaliate with a 25% surcharge on electricity exports to Michigan, New York and Minnesota.

Canada’s initial retaliatory tariffs against the United States will remain in place despite President Donald Trump postponing 25 percent tariffs on many imports from Canada for a month, two senior Canadian government officials said.

President Donald Trump’s 25% tariffs on Canada and Mexico came into effect Tuesday. The president also doubled the tariff on all Chinese imports to 20% from 10%. Canada and China immediately retaliated tariffs on American goods.