Former U.S. President Donald Trump has announced significant new tariffs on imports from Canada, Mexico, and China, marking a major escalation in trade tensions. Speaking from the Oval Office on Friday, Trump declared that the tariffs—25% on goods from Canada and Mexico, and 10% on imports from China—will take effect immediately. He dismissed the possibility of delays or negotiations, stating, "No, no. Not right now, no."

The new trade measures, which Trump has been threatening for weeks, are intended to pressure the three nations to take stronger actions against illegal immigration and fentanyl trafficking into the U.S. A White House spokesperson, Karoline Leavitt, confirmed that further details of the tariffs would be released on Saturday.

Trump indicated a partial exemption for Canadian oil, setting its tariff rate at 10%, though he warned that additional duties on oil and natural gas could be imposed by mid-February. His announcement sent global oil prices higher as markets reacted to the uncertainty.

The tariffs are expected to cause major disruptions in global trade, with economists warning of increased costs for American consumers. Higher prices on goods such as aluminum, lumber, fruits, vegetables, beer, and motor vehicles are anticipated, as businesses pass the added costs onto consumers.

“President Trump's tariffs will tax America first," said Matthew Holmes, public policy chief at the Canadian Chamber of Commerce. "From higher costs at the pumps, grocery stores, and online checkout, tariffs cascade through the economy and end up hurting consumers and businesses on both sides of the border."

The financial markets responded with volatility, as the Canadian dollar and Mexican peso weakened, Treasury bond yields rose, and stock markets closed lower.

Canada and Mexico swiftly condemned the tariffs, vowing to respond with countermeasures. Canadian Prime Minister Justin Trudeau stated that Canada would implement "forceful countermeasures" in response to Trump’s actions. Reports suggest Canada is considering tariffs on U.S. goods worth up to C$150 billion ($105 billion), including Florida orange juice.

Mexican President Claudia Sheinbaum said her government would assess the situation but warned that the tariffs could cost the U.S. economy 400,000 jobs and increase consumer prices.

China also criticized the move, with a spokesperson from Beijing’s embassy in Washington stating, "There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world." China has vowed to retaliate but has not yet announced specific measures.

Trump hinted at further tariff expansions, including potential duties on European goods, steel, aluminum, copper, pharmaceuticals, and semiconductors. “We’re going to be putting tariffs on steel and aluminum, and ultimately copper. Copper will take a little longer," he said.

Despite concerns from financial markets and trade experts, Trump remains firm in his decision, arguing that tariffs will bring "a lot of money" to the U.S. Treasury.

The coming weeks are expected to bring heightened trade tensions as U.S. trading partners consider their responses to Trump’s aggressive tariff strategy.