U.S. President Donald Trump is set to announce new tariffs against Canada, Mexico, and China today, the White House said yesterday, confirming that he will stick to the February 1st deadline for tariffs that could have widespread economic consequences.

“I can confirm that the February 1st deadline set by President Trump in a statement weeks ago will be enforced,” White House Press Secretary Karoline Leavitt said during Friday’s briefing.

Canadian officials are expected to meet with Trump’s “border czar,” Tom Homan, in an attempt to reach a deal that would prevent the proposed tariffs, according to U.S. media.

However, when asked Friday in the Oval Office if Canada, Mexico, or China could do anything to halt the tariffs, Trump bluntly responded, “No.”

Earlier, the White House announced that tariffs of 25% would be imposed on all imports from Canada and Mexico and 10% on those from China. However, Trump hinted that he might lower tariffs on Canadian oil to 10%.

The U.S. president admitted that tariffs might cause short-term market disruption, as costs are sometimes passed on to consumers. But he added that he “doesn’t care” about market reactions.

The White House did not provide details on how exactly the new tariffs would be implemented, saying only that the fine print would be available for public review within the next 24 hours. Similarly, it declined to specify whether oil imports would be affected or if additional exemptions would be included.

“Ultimately, we will impose tariffs on chips. We will put tariffs on oil and natural gas. That will happen very soon, probably by February 18th,” Trump stated.

“We will impose tariffs on steel, aluminum, and eventually copper. Copper will take a little longer, but it will happen quickly,” Trump added.

Trump also announced his intention to impose tariffs on pharmaceuticals, calling it part of a broader strategy to revitalize American industries.

“We will build a tariff wall to bring pharmaceutical production back to America,” he said. “The way to do this is to erect a wall—a tariff wall.”

The EU Also in the Tariff Crosshairs

It seems that not even the European Union will escape Trump’s tariff storm. The U.S. president announced yesterday that he will “definitely” impose tariffs on European products, though he did not specify when.

“We are going to do something very significant with tariffs on the European Union,” he told reporters in the Oval Office. “Am I going to impose tariffs on the EU? Do you want the real answer or the diplomatic one? Definitely. The EU has treated us very badly,” he added.

Imposing hefty tariffs on America’s largest trading partners is a gamble—one that assumes taxing U.S. companies on imported goods will ultimately punish the nations producing what Americans want and force them to the negotiating table. But it’s a risky bet that could just as easily backfire on U.S. consumers and the economy, analysts warn.

“There could be some temporary, short-term disruption, and people will understand that,” Trump said when pressed by reporters about how tariffs might raise costs for consumers.

Earlier this week, Trump dismissed the notion that American consumers rely on imports from their two North American neighbors.

“We don’t need what they have,” Trump said, referring to Canada and Mexico.

What Economists Say

Economists largely agree that, under specific conditions, tariffs can be effective tools for economic growth. Trump has used and promised to use tariffs for three primary purposes: to increase revenue, to balance trade, and to bring rival nations to the negotiating table.

Trump has said he wants Canada and Mexico to stop the flow of illegal immigrants and illicit drugs into the United States. Regarding China, Trump has stated that tariffs are meant to force the country to uphold its promise—one he claims was made directly to him—that the government would execute those caught shipping fentanyl to the U.S.

In some cases, tariffs do not cause inflation issues. Trump’s first-term tariffs did not significantly increase inflation, though they were much narrower in scope than those he is now proposing. Additionally, the COVID-19 pandemic distorted some of the inflationary aspects of tariffs—many of which remained in place during the Biden administration.

However, many economists widely agree that tariffs tend to drive inflation. That’s because importers—not the exporting countries—pay the tax and typically pass that cost onto consumers in the form of higher prices.

New research from the Peterson Institute for International Economics suggests that Trump’s aggressive tariff campaign will force American consumers to pay more—from foreign-made sneakers and toys to groceries.

Mexico and Canada React

Mexico’s president said on Friday that the country is approaching the potential U.S. tariffs with “calm.”

“We have a Plan A, a Plan B, and a Plan C for whatever decision the U.S. government makes. It’s very important for the Mexican people to know that we will always defend our dignity, our sovereignty, and engage in dialogue as equals,” President Claudia Sheinbaum told reporters at a press conference.

“No one—on either side of the border—wants to see American tariffs on Canadian goods,” Canadian Prime Minister Justin Trudeau said in a statement on X Friday afternoon.

“I met today with our Canada-U.S. Council. We are working hard to prevent these tariffs, but if the U.S. moves forward, Canada is ready with a strong and immediate response,” he added.

A delegation of senior Canadian officials has been in Washington for several days, meeting with various government officials in an effort to prevent the implementation of 25% tariffs.

Canada’s behind-the-scenes efforts could soon escalate into a full-scale pressure campaign if the tariffs take effect. All Canadian provincial premiers—led by Ontario Premier Doug Ford—plan to travel to Washington on February 12th for a broader mission.

These Tariffs Are Much Broader Than Trump’s First-Term Measures

The tariffs expected to be announced on Saturday will hit a much wider range of goods than anything Trump imposed in the past.

During his first term, Trump’s tariffs affected about $380 billion worth of foreign goods, according to estimates from the Tax Foundation. The proposed tariffs on the country’s three biggest trading partners would impact roughly $1.4 trillion in imported goods—unless exemptions are introduced—the Tax Foundation stated.

The figures highlight just how aggressive and risky Trump’s new tariffs would be, especially given how much prices have skyrocketed since then.