US consumers warned to brace for higher prices due to Trump’s tariffs

Prices highly likely' to rise almost immediately, retailers say, after 25% duty hits exports from Mexico and Canada

Americans have been warned to brace for higher prices within days of Donald Trump pulling the trigger on Monday, imposing US tariffs on goods from Canada and Mexico and hiking tariffs on China.

Global stock markets came under pressure again on Tuesday, with leading indices falling sharply - and the benchmark S&P 500 losing all its post-election gains - as Canada, Mexico and China vowed to retaliate, and investors balked at the prospect of an acrimonious trade war.