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President Trump ushers in a new era of protectionism as U.S. tariffs on China, Canada, and Mexico kick in.

So the big fear here is that you get more inflation, which is not what American consumers want,

and you get a slowing economy, so something more along the lines of stagflation,

which is everyone's least favorite situation.

Plus, Washington pauses all military aid to Ukraine,

and after years of struggles, Walgreens closes in on a deal to go private.

It's Tuesday, March 4th.

I'm Luke Vargas for the Wall Street Journal,

and here is the AM edition of What's News.

The top headlines and business stories moving your world today.

It wasn't a bluff. President Trump's 25% U.S. tariffs on goods from Mexico and Canada took effect

just after midnight this morning, along with a second round of 10% tariffs on imports from China.

Trump described the duties, taken under his emergency authority, as being imposed due to fentanyl smuggling over the U.S. border.

And at a White House press conference, he described how he thought Mexico and Canada ought to respond.

That'll start.

So they're going to have to have a tariff.

So what they have to do is build their car plans, frankly,

...