Royal Bank of Canada’s Dave McKay said he’s hopeful US tariffs end up being temporary but that it’s disappointing to see the trade war started by President Donald Trump potentially impeding broader economic growth.

U.S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.

Trump has imposed 25% tariffs on products entering the US from Canada and Mexico, and has increased a levy on goods coming from China. The Canadian prime minister announced retaliatory tariffs on US exports and warned that a trade war would be costly for both countries.

President Donald Trump’s latest trade-war salvo, the largest act of American protectionism since the 1930s, will likely put the brakes on US growth in the near term – and it’s just one of the shocks piling up for increasingly nervous consumers,

U.S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, sparking trade wars that could slam economic growth and lift prices for Americans still smarting from years of high inflation.