After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.

It's a double-whammy Wednesday on the retaliatory-tariffs front: Hours after the EU rolled out new duties on goods ranging from motorcycles to bourbon, Canada followed suit. The country said Wednesday that it plans to impose 25% reciprocal tariffs on roughly $21 billion of imports from the US.

President Donald Trump backed down from an extraordinary trade war escalation Tuesday that had threatened a massive surge in Canadian steel and aluminum tariffs and new tariffs on Canadian electricity.