Trump says he will impose new tariffs on Canada, Mexico and China on first day

President-elect Trump said Monday that he will impose new tariffs on goods from Canada, Mexico and China through an executive order on the first day of his new term next year.

In a series of posts on Truth Social, the president-elect said he would enact tariffs of 25 percent on all Canadian and Mexican goods, and add another 10 percent tariff to all Chinese goods — many of which are already under tariffs imposed by Trump during his first term.

Trump said the new tariffs are meant to push all three nations to take stronger efforts to bolster border security and crack down on fentanyl exports to the U.S.

"Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem. We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!" Trump posted on Truth Social.

Trump pledged during his campaign to impose import taxes of 10 to 20 percent on all foreign goods, with tariffs of up to 60 percent on Chinese goods. Canada, Mexico and China are the U.S.'s largest trading partners.

Trump's threat comes days after he announced he would nominate investor Scott Bessent as his Treasury secretary. His selection makes Bessent a key player in implementing Trump trade's agenda and attempting to keep markets calm amid the expected disruption.

The former president rattled financial markets and key U.S. trading partners throughout his first term with his tariff agenda.

Trump imposed tariffs on foreign steel and aluminum — including from Canada and Mexico, two close U.S. allies — citing national security concerns. He also compelled both countries to renegotiate the North American Free Trade Agreement with terms meant to boost U.S. manufacturing and improve compliance with labor laws.

Trump's most aggressive actions, however, were focused on China. The former president imposed tariffs on billions of dollars in Chinese goods as he pressured Beijing to renegotiate major aspects of the U.S.-China economic relationship.

Updated at 7:08 p.m.