Trump plans tariffs on Mexico, Canada for March 4, while doubling existing 10 pc tariffs on China

President Donald Trump says he plans to impose tariffs on Canada and Mexico starting next Tuesday, in addition to doubling the 10 per cent universal tariff charged on imports from China.

Posting on Truth Social on Thursday, Trump said that illicit drugs such as fentanyl are being smuggled into the United States at “unacceptable levels” and that import taxes would force other countries to crack down on the trafficking.

“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” the Republican president wrote. “China will likewise be charged an additional 10 per cent Tariff on that date.”

The prospect of escalating tariffs has already thrown the global economy into turmoil — with consumers expressing fears about inflation worsening and the auto sector possibly suffering if America's two largest trading partners in Canada and Mexico are slapped with taxes.

The prospect of higher prices and slower growth could create political blowback for Trump.