President Donald Trump’s executive order imposing a 10% tariff on Chinese imports is likely to drive up the cost of generic drugs in the United States and exacerbate drug shortages, experts say.

Canada, Mexico and China – the US’ top three trade partners – have all vowed to retaliate when the tariffs take effect on Tuesday.

President Donald Trump made good on his promise to impose steep tariffs on America’s three largest trading partners — Canada, China and Mexico — citing a national emergency on the flow of fentanyl and undocumented immigrants into the United States.

Donald Trump on Saturday traded new tariffs on imports with Canada and Mexico. Consumers and retailers are preparing for price hikes in response.

From an ice cream parlor in California to a medical supply business in North Carolina to a T-shirt vendor outside Detroit, U.S. businesses are bracing to take a hit from the taxes President Donald Trump has imposed on imports from Canada,

The new tariffs on imports from all three nations ‒ which are on top of existing tariffs ‒ went into effect Saturday.

U.S. President Donald Trump warned on Monday he might increase tariffs on China beyond the 10% he imposed on Saturday and that "we will speak to China" probably over the next 24 hours. He described the tariffs he placed on Chinese imports as an "opening salvo" in his drive for more balance in the U.

The German and French stock markets were down about 2%, with shares in carmakers among the worst hit, while London's FTSE 100 dropped more 1%. The US dollar also strengthened on the currency markets,