President Trump said on Tuesday that he intended to impose a 10 percent tariff on Chinese imports into the United States on Feb. 1, a decision that is sure to escalate trade tensions between the world’s largest economies.

Markets were cautiously optmistic after Trump took a lighter approach to China on Monday. That sentiment lasted a day.

US President Donald Trump has confirmed plans to enact an additional 10 percent tariff on products from China and 25 percent on those from Canada and Mexico starting next month after he accused China of sending fentanyl to the two countries, saying it ends up in the United States.

On the campaign trail, Mr Trump promised a 10 per cent to 20 per cent charge on all imported goods and 60 per cent on Chinese products. He also vowed a 25 per cent tariff on all products from Canada and Mexico, and an additional 10 per cent duty on Chinese goods.

President Donald Trump did not immediately impose tariffs on Monday as previously promised but said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1 over illegal immigrants and fentanyl crossing into the U.

President Donald Trump says he will soon implement a 10 percent tariff on Chinese imports over the role the country plays in fentanyl trafficking into the U.S.

That’s because President Donald Trump said on Tuesday that a new 10% across-the-board tariff on Chinese goods could be enacted as soon as February 1. Unlike Mexico and Canada, which largely avoid tariffs on exports to the United States because of the current USMCA trade agreement which Trump signed in his first term,