Elon Musk called USAID a criminal organization that should “die.” Proponents say it’s a key arm of U.S. influence that, if destroyed, “cannot be easily rebuilt.”

The Trump administration over the weekend put on administrative leave dozens more staff at U.S. Agency for International Development, three sources familiar with the move said, as it moves to abolish the agency's independence and bring it under the control of the State Department.

Trump is reportedly trying to close the agency and move it under the State Department, which Democrats warn would be illegal.

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.

President Donald Trump has pushed into new trade law territory with an emergency sanctions law to justify punishing 25% tariffs on Canadian and Mexican imports and an extra 10% duty on Chinese goods to curb fentanyl and illegal immigration into the U.

Investors are bracing for a potential trade war that could hit the earnings of major companies and dent global growth. Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised to respond with "corresponding countermeasures" and vowed to challenge Trump's move at the World Trade Organization.