Beijing retaliated with tariffs on many U.S. farm exports, and Justin Trudeau said Canada would slap tariffs on $100 billion of American goods over the next 21 days.

Beijing retaliated with tariffs of up to 15% on a wide array of U.S. farm exports. It also expanded the number of U.S. companies subject to export controls and other restrictions by about two dozen. In an address to Congress Tuesday night,

Beijing pledged to retaliate after Trump said the U.S. would slap another 10% tariff increase on Chinese goods starting next Tuesday, March 4. Trump also said Thursday 25% tariffs on goods from Canada and Mexico will go into effect on Tuesday after a one-month pause.

Oil prices fell to multi-month lows on Tuesday after reports of OPEC+ plans to proceed with output increases in April while further price pressure was applied by U.S. tariffs on Canada, Mexico and China as well as Beijing's retaliatory tariffs.

China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by U.

Canadian farmers could take a big hit from China’s sudden retaliatory tariffs that take aim at canola, pork and other food commodities. Chris Davison, president of the Canola Council of Canada, said the tariffs are prohibitively high and the fallout will be felt across his industry.

Initially, his administration imposed a blanket 25 percent tariff on trade with Canada, excluding certain energy products, and 25 percent on Mexico. However, some of these were later suspended for one month. Trump also placed an additional 10 percent tariff on trade with China.

Beijing, which set steep duties on canola, peas and pork, wants Canada and Mexico to resist U.S. pressure to raise tariffs on Chinese goods.

Many imports from Canada and Mexico will be exempt from tariffs, as the president quickly reversed a sweeping trade action taken just two days ago after market turmoil.

China and Canada announced immediate retaliatory measures, as Mexico said it has a “contingency plan” in place to deal with Trump’s tariffs.