Trump promises to follow through on his threat against Canada, Mexico and China

Trump said that there are several reasons for imposing tariffs on imports from Canada and Mexico: the first is migrants illegally entering and staying in the country, the second is drugs, and the third is the huge subsidies that the U.S. provides to Canada and Mexico in the form of deficits, Bloomberg reported.

Trump noted that the 25 percent tariff hike may be minimal, saying the tariffs may or may not increase over time.

He is still considering a customs duty exemption on oil imports. Trump said he would make a decision as early as Thursday night based on the price of oil.

Trump will continue to impose tariffs on goods from China. He did not specify the size of the duty, though he previously said it would be 10 percent. Trump said Beijing had failed to fulfill its promise to prevent fentanyl and chemicals used to make deadly drugs from entering the US.

Photo: Interfax-Ukraine.