U.S. President Donald Trump has confirmed that new tariffs on imports from Canada, Mexico, and China will take effect on February 1, insisting there is no recourse for the three countries to delay the measures.

Announcing the decision on Friday, Trump stated that the United States will impose a 25 per cent tariff on goods from Canada and Mexico and a 10 per cent tariff on imports from China.

He also suggested that Canadian oil could receive a partial exemption, with a reduced 10 per cent duty, but warned that broader tariffs on oil and natural gas could follow in mid-February. The statement triggered a surge in oil prices.

Speaking from the Oval Office while signing executive orders, Trump dismissed the possibility of postponement. When asked whether the U.S.'s three largest trading partners could negotiate a delay, he responded, "No, no. Not right now, no." Rejecting the notion that the tariffs were a bargaining tool, he asserted that America’s trade deficits with these nations justified the move.

"It's something we're doing, and we'll possibly very substantially increase it, or not—we’ll see how it is," he said, tying the tariffs to broader efforts to curb migration and fentanyl trafficking, placing responsibility on Canada, Mexico, and China.

The announcement sent shockwaves through financial markets, prompting currency fluctuations and a dip in stocks. The Canadian dollar and Mexican peso weakened, while U.S. Treasury bond yields rose as investors reacted to the uncertainty.

Despite concerns from economists and business leaders about rising consumer prices and economic disruption, Trump dismissed market anxieties, stating he was unconcerned about the financial impact.

White House spokesperson Karoline Leavitt later reinforced the administration’s stance, confirming that the tariffs would take effect immediately on Saturday. She framed them as a direct response to China, Mexico, and Canada’s alleged role in fentanyl distribution, which she claimed had resulted in tens of millions of American deaths.

Trump also signaled that additional tariffs were forthcoming, targeting European goods as well as key industries such as steel, aluminum, copper, pharmaceuticals, and semiconductors. "We're going to be putting tariffs on steel and aluminum, and ultimately copper. Copper will take a little longer," he stated.

Economists and trade experts warn that the tariffs could drive up costs for U.S. consumers, particularly affecting aluminum, lumber, electronics, motor vehicles, and agricultural products. Matthew Holmes, public policy chief at the Canadian Chamber of Commerce, criticized the move, stating, "President Trump's tariffs will tax America first. From higher costs at the pumps, grocery stores, and online checkouts, tariffs cascade through the economy and end up hurting consumers and businesses on both sides of the border."

With USD 2.1 trillion in annual trade at stake, the response from Canada, Mexico, and China was swift.

Canadian Prime Minister Justin Trudeau pledged "forceful countermeasures," warning that Canadians could face "difficult times in the coming days and weeks." Reports suggest Canada is preparing retaliatory tariffs on U.S. goods, including Florida orange juice, and is considering further duties on up to CAD 150 billion (GBP 88 billion) worth of imports.

Mexican President Claudia Sheinbaum took a more measured approach, stating she would “wait with a cool head” before responding. However, she previously warned that Trump’s tariffs could cost 400,000 U.S. jobs and drive up prices for American consumers.

China has also vowed to retaliate but has yet to announce specific measures. A spokesperson for China’s embassy in Washington condemned the move, stating, "There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world."

Trump’s decision is expected to add further volatility to the global economy, with analysts predicting higher costs for businesses and consumers. As markets brace for potential disruption, the coming weeks will be pivotal in determining the broader impact of the tariffs.

Late on Friday, Trump departed for his Mar-a-Lago estate in Florida, where he said he would “work all weekend”—joined by his Commerce Secretary nominee, Howard Lutnick, who is expected to oversee U.S. trade policy moving forward.

With tariff battles escalating on multiple fronts, the next phase of Trump’s trade war is just beginning.