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Investing.com -- The Trump administration confirmed it is preparing to impose new tariffs on imports from Mexico, Canada, and China. President Trump confirmed that tariffs will start on Saturday. The tariffs are in part in retaliation for “the illegal fentanyl that they have sourced and allowed to distribute into our country.”
Trump has floated a 25% tariff on imports from Mexico and Canada and a 10% duty on China.
The President said that, eventually, the U.S. would put tariffs on "chips," and tariffs for oil and gas would be coming "fairly soon." He mentioned the 18th of February.
Trump also said that the U.S. would have additional tariffs on steel, aluminum, and ultimately copper. Original tariffs on steel "saved the U.S. steel industry," Trump said.
"The tariffs will amount to ’big money’ for our country," Trump added
He emphasized that these tariffs are imminent and that there is nothing these countries can do to prevent their implementation.
Trump also pointed to Europe for possible tariffs. He said they would be "doing something very substantial” regarding tariffs in Europe.
Trump said when the U.S. was at its strongest in the past, it was a tariff country. Now, it is an income-tax country. "How did that work out?" Trump asked.
U.S. stocks sold off amid the news, with the Dow closing down 0.75%, the S&P 500 falling 0.5%, and the NASDAQ giving back 0.28%.
(Sam Boughedda contributed to this report)