Trump plans tariffs on Mexico and Canada on March 4, while doubling existing 10% tariffs on China

In a Truth Social post Thursday, Mr. Trump said 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.”

The prospect of escalating tariffs has already thrown the global economy into turmoil, with consumers expressing fears about inflation worsening and the auto sector and other domestic manufacturers suffering if Trump raises import taxes. But Mr. Trump has also at times engaged in aggressive posturing only to give last-minute reprieves, previously agreeing to a 30-day suspension of the Canada and Mexico tariffs that were initially supposed to start in February.