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

News Snapshot:

Americans have been warned to brace for higher prices within days after Donald Trump pulled the trigger on Monday and imposed US tariffs on goods from Canada and Mexico, and hiked 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. US retail giants predicted that prices were “highly likely” to start rising on shelves almost immediately after a 25% duty came...