Axios

President Trump's 25% tariffs on imports from Canada and Mexico, as well as new levies on Chinese imports took effect on Tuesday.

Why it matters: Trump's confirmation of the tariffs sent markets sliding amid fears it could raise prices for U.S. customers, hurt the economy and prompt a trade war.

Canada's Justin Trudeau skewered President Trump over aggressive tariffs that went into effect Tuesday, claiming they hurt Americans and would be subject to retaliatory measures.

Why it matters: Relations between the two longtime allies are rapidly souring. The Canadian prime minister accused Trump of launching a "trade war" aimed at tanking the economy of its closest friend.

President Trump imposed sweeping tariffs Tuesday on America's largest trading partners, triggering a global trade war that promises to affect the wallets of everyday Americans.

Why it matters: After running — and winning — on a promise to curb inflation, Trump's trade war threatens to raise prices for everything from food and clothes to cars and computers.

BlackRock on Tuesday said it agreed to acquire two ports serving the Panama Canal from Hong Kong's CK Hutchinson, as part of a larger $22.8 billion deal.

Why it matters: President Trump has threatened to retake control of the Panama Canal, due to what he perceives as unfair treatment of U.S. vessels because of Chinese influence.

Ukrainian President Volodymyr Zelensky on Tuesday expressed regret for his Oval Office spat with President Trump last week and said he's ready to sign a U.S. minerals deal "any time and in any convenient format."

Why it matters: Zelensky's statement, a day after Trump suspended all U.S. military aid to Ukraine, was an attempt to adhere to the conditions laid out by the White House for ending the diplomatic crisis.

The State Department is waiving $95 million in military assistance to the Lebanese armed forces amid the Trump administration's nearly 90-day foreign-aid freeze, two U.S. officials told Axios.

Why it matters: The waiver suggests the Trump administration intends to try to strengthen Lebanon's military and the new government that took office in January.

Under Trump 2.0, everything the cybersecurity industry knew about D.C. is up for debate — even who is considered an adversarial nation.

Why it matters: For decades, U.S. presidents of both parties have viewed China, Russia, Iran and North Korea as the biggest cyber threats. But that list is now in question.

President Trump's decision to suspend all military aid to Ukraine is the latest in a string of moves that could have been plucked from Vladimir Putin's personal wishlist.

Why it matters: Trump is also considering sanctions relief for Moscow and hinting at regime change in Kyiv. The Moscow-friendly streak comes as he seeks to foster peace in Ukraine and better relations between nuclear-armed superpowers.

Vice President JD Vance said Monday the Trump administration is working with Russia to end its war on Ukraine and that the "door is open" for Ukrainian President Volodymyr Zelensky if he's "willing to seriously talk peace."

Why it matters: In his first interview since Friday's heated White House exchange that Vance and President Trump had with Zelensky, the vice president on Fox News criticized Ukraine's leader and argued that it's in Kyiv's best interests to sign a minerals deal with the U.S.

Democratic senators are preparing to pummel three of President Trump's top State Department nominees on Tuesday, turning their confirmation hearings into a proxy war on the U.S. commitment to NATO and support for Ukraine.

Why it matters: It's the Democrats' first chance to punch back on what they saw as Trump's assault on Volodymyr Zelensky in the Oval Office on Friday.

The U.S. pledged more than $65 billion in military assistance to Ukraine under the Biden administration, but President Trump decided Monday to pull the plug, at least temporarily.

The big picture: Following a contentious televised meeting with Ukrainian President Volodymyr Zelensky, Trump debated his next steps in the crisis with Ukraine, and indicated a possible suspension of U.S. military aid.

President Trump decided to pause and review all military aid to Ukraine days after the public spat with Ukrainian President Volodymyr Zelensky in the Oval Office, two White House officials told Axios.

Why it matters: The decision that was taken after a meeting on Monday between Trump and his senior adviser would increase pressure on Zelensky and create more difficulties for Ukraine's military.