Canada will begin imposing 25% tariffs on select U.S. car imports Wednesday, ratcheting tensions between Washington and Ottawa as the rest of the world grapples with President Trump's ongoing assault on the global economic order.

Trump's turnabout, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike,