US President Donald Trump announced that 25% tariffs on imports from Mexico and Canada will take effect on Tuesday. The move has raised fears of a North American trade war and has already impacted the stock market. Trump has stated that the tariffs are meant to pressure the two countries to address fentanyl trafficking and illegal immigration, as well as to reduce the trade imbalance. However, CEOs and economists warn that the tariffs could harm the integrated North American economy. The Trump administration remains confident that the tariffs will benefit US manufacturing and attract foreign investment.