Growth expectations for the U.S. economy are falling as China and Canada announce their next move in the tit-for-tat trade spat with the White House.

China on Tuesday announced retaliatory tariffs and export controls, as President Donald Trump's tariffs on goods from China, Canada and Mexico went into effect

Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products subject to 10% import duties.