In the hours after implementation of the new levies, leaders from Mexico, Canada, and China all vowed to take retaliatory action. U.S. stocks seemed to respond, opening lower for

President Donald Trump launched a trade war Tuesday against America’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin as the U.

Consumers are likely to face higher costs for some imported goods, experts say. Here's the potential impact on your wallet.