US President Donald Trump announced on Friday that he would impose new tariffs of 25% on goods from Mexico and Canada, and 10% on imports from China, emphasizing that nothing could stop the tariffs from taking effect on February 1. Although he mentioned a possible exception for Canadian oil, which would face a 10% tariff instead of the 25% planned for other goods, he hinted at additional tariffs on oil and natural gas in mid-February. Trump's tariff threats are aimed at addressing issues such as migration and fentanyl trafficking across the US border, and despite concerns over potential economic disruptions, he remains firm on implementing them. Trump rejected the idea of delaying the tariffs, stating there was no chance for a delay from Canada, Mexico, or China. He further clarified that the tariffs were not a bargaining tool, but a necessary step to address the US trade deficits with these countries. In addition to the new tariffs on Mexico, Canada, and China, Trump hinted at tariffs on European goods, and on commodities like steel, aluminum, copper, drugs, and semiconductors. These moves have caused significant volatility in financial markets, with the Canadian dollar and Mexican peso weakening, while US stock prices fell. Economists and business leaders have warned that the tariffs will raise costs for American consumers, especially for goods like aluminum, lumber, fruits, vegetables, and electronics. Both Canada and Mexico have vowed to retaliate, with Canada preparing countermeasures that could include tariffs on US products like Florida orange juice. China has also expressed strong opposition to the tariffs, asserting that there are no winners in a trade war.