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

President Donald Trump's 25% tariffs on Canada and Mexico, and the doubling of 10% levies on goods from China, took effect Tuesday—and Beijing and Ottawa immediately hit back.