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.

Canada and Mexico A 25% import tariff on goods from Mexico and Canada took effect March 4, with an exception for energy products and potash, which received a 10% tariff. The next day, the Trump administration suspended those tariffs until April 2 for autos eligible for duty-free trade under the U.