Punishing 25% levies on imports from America’s closest neighbors were due to come into force at 12:01 a.m. ET Tuesday, but Trump put his two-front trade war on hold, claiming he’d scored two big wins and major concessions.

Prime Minister Justin Trudeau set out "far-reaching" tariffs of 25%, affecting 155bn Canadian dollars' worth ($106.6bn; £86bn) of American goods ranging from beer and wine, to household appliances and sporting goods.

President Trump agreed to delay tariffs on Mexico and Canada for a month after both countries pledged to do more to block drugs and migrants.

Traders and farmers hope that the Trump administration is using tariff threats as leverage in trade negotiations, as opposed to following through with a major disruption to agricultural trade.

China is subject to significant US tariffs already and has been since Trump's first term. But the blanket nature of today's new levies from the White House on every single goods import from China - from toys, to mobile phones, to clothes - is new and significant.

Trump's tariffs on Canada, Mexico and China suggest he is willing to risk a global trade war. The main thing that could stop him would be a stock market selloff.

Trump knows the United States has more leverage over its neighbors than they do over his country. But exploiting that position of strength could cause a historic rupture.

China, Russia and other countries have developed retaliatory options that could deeply hurt America’s economy and standard of living.

Canada’s prime minister and Mexico’s president have ordered retaliatory tariffs against Americans, following through with their threats after U.S.

Trump has shaken up U.S. trade policy, threatening and then removing tariffs against Colombia over an immigration issue during his first week in office. This past weekend, he impo