Fears grow Trump has unleashed global trade war as Canada, Mexico and China retaliate | First Thing

Wall Street Journal calls Trump's tariffs the dumbest trade war in history'. Plus, Beyonce wins best album at Grammys

Good morning.

Global markets tumbled early on Monday in reaction to Donald Trump's steep trade tariffs imposed on Canada, Mexico and China, which a Wall Street Journal editorial blasted as the dumbest trade war in history".

What did Trump say about the impact on Americans? He acknowledged the tariffs may cause short-term" pain. Economists point out that a tariff is a regressive tax.

How are markets reacting? In the US, S&P 500 futures fell 1.6% and Nasdaq futures slumped 2.2%. European futures fell as much as 3.4%. In Asia, Japan's Nikkei share average tumbled as much as 2.3% in early trading, and Korea's Kospi fell as much as 2.4%. Taiwan's Taiex fell 4.4% at the open. Bitcoin was down by more than 6%.

How many have been displaced? Jenin's mayor, Mohammad Jarar, was quoted as saying that about 15,000 people were displaced from the Jenin camp and the al-Hadaf neighbourhood