In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.

Trump threatens tariffs on China, Mexico, and Canada, prompting Trudeau's response. Trump also calls for immediate Fed rate cuts, despite lacking authority.

The Canadian Prime Minister says that if President Trump moves forward with sweeping 25 percent tariffs Canada will be forced to respond.