Trump’s World Trade War sets stock markets tumbling after Mexico and Canada vow to hit back with revenge sanctions

I think we have to recognize our quarrel is not with the American people... for many of our families, our relatives on the other side of the 49th parallel are still our friends and relatives,

he told a news conference

There's nothing I can do about this quagmire that we now find ourselves in politically with the regime next door,

Lima-Coelho said

It feels like Trump wants to restructure the world order,

Drew Dilkens, mayor of the Canadian border city of Windsor, said in an interview

There will be job losses in this country... we know that's going to happen,

she said

We're still a small player when compared to the might of the US economy. And so what we have to do is look at where we have critical leverage, where we have essential goods that they are very reliant on,

noted Holmes

I think it is a mistake to think that Trump 2.0 is going to be as benign for Asia. I suspect that after (the US) starts imposing these tariffs against Canada, Mexico, China, and moves on to the EU, it will become much harder for firms across Asia to use inputs from China, and potentially Canada and Mexico to export to the US,

said Elms

It also is a powerful signal to the rest of the world that the US is prepared to do extraordinarily unusual things in order to, as Trump says, make America great again,

said Elms, head of trade policy at philanthropic organisation Hinrich Foundation

At the end of the day, it requires the parties to want it to work. It's not clear that the US under Donald Trump wants USMCA to work,

said trade and economic policy expert Deborah Elms

It will hurt us, it will also hurt them. They're going to feel it very quickly. It will affect the affordability of everyday goods,

he added

Seeing an all-out tariff on all goods and trade with Canada, that is quite profound, quite disturbing, and it will impact businesses,

he told CNA’s Asia First

It is supposed to prevent exactly this kind of behaviour – a sudden imposition of 25 per cent tariffs across the board,

she told CNA’s Asia First

We can have a tit-for-tat, which would be an absolute disaster,

he told CNA938

There are others in his sights. He's already threatened the European Union with upcoming tariffs later on in February,

she added

Ultimately, trade wars hurt everyone - workers, consumers, farmers, and the global economy, particularly if the effects are widespread,

he said

I don't think there are a lot of Americans who wake up in the morning saying, 'Oh, damn Canada. Oh, we should really go after Canada,

Prime Minister Justin Trudeau remarked Saturday, encapsulating the shell shock many north of the border are now feeling

MAKE YOUR PRODUCT IN THE USA AND THERE ARE NO TARIFFS!!

In a post on TruthSocial on Sunday, he said

It's hard to know what more we can do, but we're obviously open to any other suggestions that come our way,

Canada's ambassador to the United States Kirsten Hillman told ABC News on Sunday

Will there be some pain? Yes, maybe (and maybe not!)

Trump wrote Sunday morning in all-caps on his Truth Social media platform

The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 Trillion Dollars, and we're not going to be the 'Stupid Country' any longer,

he wrote

We’re really disappointed” and “perplexed” by Trump’s actions

Kirsten Hillman, the Canadian ambassador to the U.S., told ABC’s “This Week” show