President Donald Trump is making tariffs his weapon of choice in the international arena, monetizing the spending power of U.S. citizens. While talking to journalists at the Oval Office, Trump revealed he would follow up on his earlier threats of applying tariffs to all products from Mexico and China.

The implementation of this new tax on Canadian and Mexican goods would start on February 1st, as Trump seeks to curb the entrance of illegal immigrants through its borders. “Thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels never seen before,” he stated in November when he vowed to introduce these measures on day one of his second term.

Nonetheless, he revealed that the decision to apply this tax to oil imports was still not taken. U.S. oil imports come primarily from Canada and Mexico, hitting over 5 million barrels daily in 2023. These changes might impact the price of oil-derived products like fuel, whose final rise would be absorbed by U.S. consumers.

Trump also referred to China and the possible application of similar measures on Chinese imports.

He stated:

With China, I’m also thinking about something because they’re sending fentanyl into our country, and because of that, they’re causing us hundreds of thousands of deaths.

He clarified that these tariffs on China were still under development.

Trump also railed against China before, claiming that he would introduce tariffs of 10% due to the massive amount of drugs, including fentanyl, being sent to the U.S.

Read more: Trade War: As Trump Threatens China With 10% Tariffs, Asian Giant Prepares Countermeasures

Analysts have warned about the possible effects of these policies, warning that there could be retaliatory tariffs on U.S. exports. In addition, foreign investment controls could intensify, making investment processes more complicated for U.S. nationals and companies in China.

Recently, Trump used tariffs against Colombia to solve an international diplomatic impasse, forcing the Colombian government to receive deported flights.

Read more: The Trump Administration Debuts Tariffs as a Trade Warfare Tool: Colombia Sheds First Blood

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