President Trump says he'll impose tariffs on Mexico and Canada on Tuesday. Mexico is working hard to persuade Trump to hold off on the threat.

Trump also plans to impose new tariffs to match the rates charged by other countries. Set to begin as soon as April, the tariffs could be higher than what other countries would charge as subsidies, regulatory barriers and the value added tax — which is akin to a sales tax common in Europe — would be included in the calculations.