The president has an ambitious economic plan, starting with trade, and doesn’t appear interested in negotiations—yet.

Trump positioned the tariffs as a way to “halt the flood of poisonous drugs into the United States,” referring to fentanyl. The change will have a big impact on the cost of a wide variety of goods imported from each country, including electronics, produce, clothing, and much more.

American importers will pay a new 25 percent tax on goods from Canada and Mexico and a 10 percent levy on products from China.

U.S. President Donald Trump and Mexican President Claudia Sheinbaum said Monday that their planned tariffs were on hold for a month to give time for further negotiations, and Mexico said it planned to deploy 10,

President Trump talked about the tariffs he imposed on Canadian, Chinese and Mexican imports during a gaggle with reporters, and accused China of "running the Panama Canal."