Tariffs against products from Canada and Mexico will go into effect March 4, President Donald Trump said Thursday, while announcing the doubling of the existing tariff on goods from China.

Starting on that date, importers will have to pay a 25% tax on products from Canada and Mexico, and a lower 10% tariff on Canadian oil, Trump posted on social media. On top of that, Trump said he would put an additional 10% tariff on products from China, adding to a 10% tariff he al൩ready imposed in early February.

The social media post cleared up some confusion around the start date of the Canada/Mexico tariffs—Trump had made comments at a cabinet meeting Wednesday raising doubts about when they would go into effect.

Trump said the tariffs against Canada and Mexico would ꩲstay in place until fentanyl smuggling was stopped or seriously limited. The White House, which has announced plans to impose tariffs far and wide, also believes they will bring manufacturing jobs to the U.S. and that the revenue generated will help balan𒊎ce the budget.

Economists worry that steep new tariffs will push up prices on a wide range of products, possibly stoking inflation and slowing down the economy. Consumer expectations of future inflation 澳洲幸运5官方开奖结果体彩网:spiked earlier this month because of concerns about the tariffs, according to the University of Michigan's survey of consumers.

Trump first announced 25% tariffs against goods f♑rom Canada and Mexico would go into effect in early Febr🃏uary, but delayed the start date after both countries announced they were taking steps to strengthen security at their borders with the U.S.

"Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels," he said in the social media post Thursday. "A large percentage of these Drugs, much of them in the form of Fentanyl, are made in, and supplied by, China."

The president has also announced the U.S. will impose tariffs on 澳洲幸运5官方开奖结果体彩网:comput🍌er chips, cars aꦓnd pharmaceuticals, as well as "reciprocal" tariffs against countries that tariff U.S. goods, and has threatened a 25% tariff against the European Union.