President Trump's 10% tariffs on Chinese imports have been implemented, prompting retaliation from Beijing and raising concerns of a potential trade war. However, tariffs against Canada and Mexico have been put on hold for 30 days, with both countries taking measures to address concerns. The markets have responded negatively to the tariffs, with stocks falling and the US Dollar Index rising to a two-year high. Economists warn that the tariffs could cost US households over $830 in additional taxes by 2025 and reduce economic output by 0.4%. Trump has also suggested imposing universal tariffs on other countries' goods in the future.