Leavitt implied that there’s not much the impacted parties can do to avoid the duties at this point. “Tariffs are incoming tomorrow…And the reason for that is because both Canada and Mexico have allowed an unprecedented invasion of illegal fentanyl that is killing American citizens—and also illegal immigrants—into our country,” she said.

Stocks surrendered early gains and closed lower after the White House said President Trump would impose promised tariffs on some key U.S. trading partners

The U.S. dollar advanced against major currencies on Friday, while the Canadian dollar weakened and the Mexican peso edged higher after the White House reiterated that President Donald Trump will impose tariffs on Saturday.

White House press secretary Karoline Leavitt said that there will be 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China starting on Saturday. This fulfills Trump’s repeated promise to implement tariffs on these countries throughout his campaign.

The move could devastate international trade and manufacturing, especially for an automotive industry with operations integrated across North America.

President Trump will enact 25% tariffs on Mexico and Canada starting Saturday, as well as a 10% tariff on China.

U.S. President Donald Trump on Saturday will implement tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods with immediate effect, White House spokesperson Karoline Leavitt said on Friday.

Trump had been threatening the tariffs to ensure greater cooperation from the countries on stopping illegal immigration.

Friday rose by +0.58% and posted a 1-week high. The dollar rose Friday on increased safe-haven demand from President Trump’s threat to impose 25% tariffs on goods from Canada and Mexico and a 10% tariff on Chinese goods on Saturday.