Trump's tariffs on China, Canada and Mexico take effect

President Donald Trump's new tariffs on China, Canada and Mexico took effect at midnight Tuesday morning, increasing the taxes that U.S. importers will pay on certain goods when they enter the country.

Effective Tuesday, U.S. imports from China, the third-largest U.S. trading partner, will be subject to a new 10% tariff on top of the initial 10% tariff he imposed on Chinese goods last month.

Tariffs on imported goods from Canada and Mexico – America's two largest bilateral trading partners, according to Census Bureau data – are also set to rise, with 25% tariffs levied on all imports from the two countries. The tariffs include a carve-out for a lower 10% tariff on Canadian oil imports.