Trump's 25% Tariffs On Mexican And Canadian Goods Will Go Live On...

US President Donald Trump seems to have pushed the deadline for the 25 per cent tariffs on Mexican and Canadian goods that America imports. Ahead of his first Cabinet meeting on Wednesday, President Trump acknowledged there has been a decline in illegal border crossings into the United States from Mexican and Canadian borders but stressed that it would not "stop" him from levying taxes on American neighbours. 

"We've lost millions of people due to fentanyl. It comes mostly from China, but it comes through Mexico, and it comes through Canada. And I have to tell you that, you know, on April 2nd, the tariffs go on...and I think you're going to see something that's going to be amazing," he said. 

This comes as a 30-day pause on duties for Canada and Mexico, which Mr Trump tied to illegal border crossings and the flow of fentanyl into the US, is set to expire on March 4.

When a reporter asked if he would continue the pause on tariffs as there has been a "90 per cent drop in border crossings" since he issued the threat, the President said, "I'm not stopping the tariffs, no.  Millions of people have died because of the fentanyl that comes over the border...Yeah, they've been good, but that's also due to us. Mostly due to us."

Mr Trump's comments prompted jumps in the value of the Canadian dollar and Mexican peso versus the greenback.

Canadian Innovation Minister Francois-Philippe Champagne told reporters that Canada would wait for signed executive orders from President Trump before reacting.

"Our mission is still to avoid the tariffs, extend the suspension if we need to," Champagne said. "We are prepared - there will be a targeted, strategic but firm response" if Mr Trump imposes tariffs.

Mexico's Economy Ministry declined to comment on Mr Trump's remarks but said Economy Minister Marcelo Ebrard will meet on Thursday with newly confirmed U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick on Friday.

Trump Sets Deadline For Reciprocal Tariffs 

Mr Trump also targeted early April for imposing reciprocal tariffs matching import duty rates of other countries and offsetting their other restrictions. 

Asked whether he has decided on a tariff rate for goods from the European Union, the President replied, "We have made a decision, and we'll be announcing it very soon, and it'll be 25%, generally speaking, and that'll be on cars, and all of the things."

He said the EU is a "different case" from Canada and takes advantage of the United States in different ways. 

"They don't accept our cars. They don't accept, essentially our farm products," Mr Trump said, adding that the EU was formed "in order to screw the United States."

A European Commission spokesperson said the EU "will react firmly and immediately against unjustified barriers to free and fair trade," including for tariffs that challenge legal and non-discriminatory policies.

"The European Union is the world's largest free market. And it has been a boon for the United States," the spokesperson said.