Trump also says he is using tariffs to "combat the scourge of fentanyl", a powerful drug that causes tens of thousands of overdose deaths in the US each year. His administration says chemicals used to make the drug come from China, while Mexican gangs supply it illegally and have fentanyl labs in Canada.

In the oval office today, President Trump instructed his administration to investigate if other countries are employing unfair trade practices against the U.S. and how reciprocal tariffs could create a level playing field.

A state-of-play on the president’s tariffs so far and what might be in store.

To hear Trump tell it, Thursday’s new tariffs announcement was a significant and sweeping order that will bring the world to heel. But the plan, as it were, consisted of a vaguely worded memo that offered few concrete details and no real timeframe for the next round of tariffs.

President Donald Trump on Thursday moved to tear up decades-old low U.S. tariff rates, raising them to match those of other countries and counteract other barriers to American goods to try to shrink a U.