The White House said the president’s order includes a mechanism to escalate the rates if the countries retaliate, as they have threatened.

If U.S. President Donald Trump follows through on his pledge to slap 25% tariffs on imports from Mexico it could usher in a volatile new chapter in the longstanding trade relationship with the impacts hitting consumers.

KEY TAKEAWAYS President Donald Trump said he would go ahead with plans to impose 25% tariffs on imports from the U.S.'s two largest trading partners, Canada and Mexico, on Saturday.Trump said Thursday that the tariffs are aimed at getting Ottawa and Mexico City to stem the flow of drugs and migrants into the U.