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Markets were rattled after President Trump's tariffs went into effect.

Plus, Canada, Mexico, and China announced counter and retaliatory steps.

This is only the first or second salvo of this trade war.

We have a whole handful of tariffs coming up next month.

And what to watch for when Trump addresses Congress tonight?

It's Tuesday, March 4th.

I'm Alex Osala for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

President Trump's tariffs, a 25% duty on goods from Canada and Mexico, and an additional 10% tariffs on goods from China, went into effect at midnight.

The president has blamed Canada and Mexico for the flow of immigrants and illicit drugs like fentanyl into the U.S.

And said that tariffs are on, quote, until the crisis is alleviated.

Markets were rattled by the new levies and the countermeasures by Canada, Mexico, and China.

Markets fell sharply earlier in the day, with the NASDAQ even flirting with correction territory,

but then recovered somewhat to end the day lower.

The Dow led the losses, closing down about 1.6%. The S&P 500 dropped roughly 1.2%, and the NASDAQ ended

the day about 0.4% lower. Wall Street's fear gauge also picked up after stock slid today.

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