President Donald Trump’s broad tariffs on imported goods from Mexico and Canada went into effect on Tuesday, along with increased duties on goods from China, a move that prompted a swift retaliation from Beijing.

“President Trump continues to demonstrate his commitment to ensuring U.S. trade policy serves the national interest,” the White House said in a statement.

Goods entering the U.S. from Mexico and Canada will carry a 25% tariff, while those from China will be subject to a 10% increase on existing tariffs, according to the White House.

U.S. tariffs are at their highest level since 1943, Yale’s Budget Lab said.

Within minutes of the new U.S. tariffs taking effect, China unveiled on Tuesday its initial response by placing additional 10% to 15% tariffs on imported U.S. goods, like chicken, wheat, soybeans and beef.

Those duties will be on top of similar tariffs imposed back during the first Trump administration’s trade war in 2018. Some of those tariffs are already at 25%, though Beijing issued some waivers as a result of the 2020 “phase one” trade deal.

The new Chinese tariffs are set to come into effect for goods shipped out next Monday, March 10.

Canadian Prime Minister Justin Trudeau also promised to impose tariffs on American goods if Trump’s tariffs on Canadian goods went into effect.

He said in a statement on Monday that Ottawa would start with “tariffs on $30 billion worth of goods immediately and tariffs on the remaining $125 billion on American products in 21 days’ time.”

“Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,” Trudeau said in the statement.

Stock futures for the three major U.S. indexes were close to flat early Tuesday following the selloff on Monday as Trump announced his proposed tariffs would go into effect at 12:01 a.m.

The announcement sent major stock indexes plummeting, with the S&P suffered its biggest loss since December, closing at 5,849.72 — down 104.78 points or 1.76%. The Dow Jones Industrial Average closed at 43,191.24 down 649.67 points — or 1.48% — while the tech-heavy Nasdaq fell 2.64%.

Asian markets were mixed on Tuesday. The Shanghai Stock Exchange climbed less than a percentage point, while the Nikkei in Japan slipped about 1.2% and the Hang Seng in Hong Kong closed down about 0.3%.

European markets mostly traded off on Tuesday, with the DAX in Germany down about 1.6% and the FTSE 100 slipping about 0.3% midday.

The U.S. tariffs arrived about a month after Trump granted Mexico and Canada a reprieve, having reached agreements with the two countries regarding border security and drug trafficking.

ABC News’ Max Zahn and Zunaira Zaki contributed to this report.