Trump Imposes Extra 10% Tariffs On China; Canada And Mexico Also Put On March 4 Timeline

US President Donald Trump on Friday announced he will impose an additional 10% tariffs on Chinese imports starting March 4. The proposed 25% tariffs on Mexican and Canadian goods will also go into effect on that day.

"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,” Trump wrote in a post on Truth Social. "China will likewise be charged an additional 10% Tariff on that date."

The president has repeatedly accused his North American neighbours of failing to stop the flow of drugs into the US.

For China, the latest announcement will be on top of the 10% tariff that he levied on Feb. 4.

Reports said Trump had initially planned an April 4 deadline for the import duties unless the three trade partners extend concessions to his demands.

Frantic Geopolitical Meetings

Canadian and Mexican officials are meeting with the Trump administration in Washington to prevent potential tariffs that could significantly harm the interconnected North American economy, Reuters reported.

Chinese Vice Premier He Lifeng spoke with US Treasury Secretary Scott Bessent last week — the second high-level contact since Trump took office — indicating continued communication, reported Bloomberg.

Trump's latest salvo hit global stock markets hard, as selloff gripped Asian shares and Wall Street declined. The S&P 500 fell 1.6% after the announcement while Japan's Nikkei slid 3.3%.