Retailers Target and Best Buy, and shipping giant Maersk, warned of price increases coming soon — a matter of days, in some cases — as a result of the 25% tariffs that went into effect at midnight on Tuesday, part of President Donald Trump’s pledge to cut down on fentanyl trafficking from Canada and Mexico.

Further, the U.S. slapped an additional 10% tariffs on Canadian energy products while another 10% was placed on Chinese goods. 

Canada launched retaliatory tariffs on the U.S. overnight; Mexico said its retaliatory tariffs will go into effect on March 9; China announced new tariffs on the U.S. beginning March 10, CNBC reported. 

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