Donald Trump has said he will impose tariffs of 25% on all imports from Canada and Mexico, and an extra 10% on Chinese goods, accusing the countries of permitting illegal migration and drug trafficking. …The Canadian dollar fell 0.9% against the US dollar to a four-year low, while the Mexican peso shed 1.3%. The announcements serve as opening shots in Trump’s confrontational new trade policy. “Stiff new tariffs on imports from the US’s three largest trading partners would significantly increase costs and disrupt business across all economies involved,” said a Washington-based think-tank. “Even the threat of tariffs can have a chilling effect.” …Canada’s Chrystia Freeland hailed the bilateral relationship with the US as “one of the strongest and closest . . . particularly when it comes to trade and border security”. They also noted that Canada “buys more from the United States than China, Japan, France and the UK combined”, and last year supplied “60% of US crude oil imports”.