Trump plans to impose tariffs on Mexico and Canada from March 4

The prospect of higher prices and slower growth could create a political backlash for Donald Trump (AP)

US President Donald Trump has said he plans to impose tariffs on Canada and Mexico starting next Tuesday, in addition to doubling the 10% universal tariff charged on imports from China.

Posting on Truth Social, Mr Trump said that illicit drugs such as fentanyl are being smuggled into the United States at “unacceptable levels” and that import taxes would force other countries to crack down on the trafficking.