The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

Asian equities were mixed overnight as the Philippines, Taiwan, and South Korea outperformed, Thailand underperformed, and Pakistan was closed for Kashmir Solidarity Day.

China's economy would be impacted less this year and next as compared to the US, despite heavy tariffs, on the other hand, the economies of Mexico and Canada will be hit majorly as compared to the United States.

Beijing has made its decision. After days of warning of counter measures and urging Washington to enter negotiations and "meet China halfway", it has decided to hit back – or at least threaten to retaliate with its own tariffs.

As Trump’s new 10 percent tariffs on all Chinese imports took effect, China hit back with tariffs and sanctions of its own.

After Trump took Mexico and Canada to the brink of trade wars, both nations have managed to defuse his tariff bombs. (At least, for now . . . ) Trump halted sweeping tariffs on the US’s two biggest trading partners after separate bilateral phone calls with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau.

President Donald Trump agreed to delay 25% tariffs on Canada and Mexico for a month after both US neighbors agreed to take tougher measures to combat migration and drug trafficking at the border, warding off a continental trade war for now.

BBC reporters in the US, Canada and Mexico assess the fallout after Trump gets border promises in return for a 30-day pause on tariffs.