US Tariffs on Mexico, Canada from March 4

Prospect of broader trade conflict should other nations levy retaliatory tariffs spooks markets and consumers

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President Donald Trump says he plans to impose tariffs on Canada and Mexico starting Tuesday, in addition to doubling the 10% 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% tariff on that date."