President Donald Trump’s “Liberation Day” tariffs will likely hurt US regional and Canadian banks, while Chinese banks’ exposure seems limited. Trade spats could also have negative implications for a lending rebound as well.

The PM has vows to hit back at American import taxes, having received no reprieve in the latest announcements.

With 47 Democrats and independents in the chamber, the resolution required the support of at least four Republicans for approval. Mr. Trump put pressure on the GOP leading up to the vote, urging that "Republicans in the Senate MUST vote to keep the National Emergency in place, so we can finish the job, and end the scourge."

The effects of President Donald Trump’s tariffs are starting to be felt across the globe, with his blanket 10% tax on imports now in effect. Much steeper tariffs are set to go into place by midweek, after a weekend that saw mass protests across the nation.

The Chinese tariffs, announced Friday and taking effect Thursday, match the rate of the ones Trump imposed this week on Chinese products flowing into the United States, coming on top of two rounds of 10% tariffs already declared in February and March,

The import taxes Trump announced last week have sent financial markets reeling, raised fears of a recession and upended the global trading system.