U.S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.

President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies, imposing one of the largest increases in US tariffs since the 1930s in a dramatic escalation of a trade war that stands to upend ties with major economic partners.

With President Trump’s 25% tariffs on goods from Canada and Mexico taking effect Tuesday, many Americans are scrambling to make big purchases before prices go up. This rush to buy—called “doom spending”—is fueled by fear of rising costs.