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Hello from CNN. I'm Joe Beck, with the five things you need to know for Monday, February 3rd.

President Donald Trump's tariffs on Mexico, Canada and China are set to come into effect

tomorrow, and all three countries are threatening to retaliate.

Trump says Mexico and Canada will see a 25% tariff, while for China it will be 10.

We may have short term some some little pain, and people understand that.

Speaking to reporters at the airport, the president said the relationship between the

U.S. and Canada has been a one-way street for too long.

This is retaliatory to a certain extent.

Millions of people float into our country through Mexico and Canada, and we're not going to allow that.

But Canada's former finance minister, Christia Freeland, who's running for Prime Minister,

says her country will stick up for itself.

You know, by putting tariffs on the stuff that Canada sells you, you are going to hurt Americans.

You have put a tariff, you're putting a tariff on the oil and gas that we sell you.

That is going to make prices at the pump, prices at grocery stores a lot higher.

And it's not just politicians reacting strongly to the news.

The US and Asia's markets have taken a hit,

sparking fears of a trade war that could impact global growth.

...