WASHINGTON — President Donald Trump’s long-threatened tariffs against Canada and Mexico finally went into effect Tuesday, putting global markets on edge and setting up costly retaliations by the United States’ North American allies.

Commerce Secretary Howard Lutnick said Trump will decide Tuesday afternoon whether to proceed with, reduce or postpone tariff plans that have been on hold.

The US has threatened tariffs on Mexican goods, but Mexican President Claudia Sheinbaum has assured her country that contingency preparations are already in place.