Newly inaugurated US president Donald Trump has declined to immediately introduce tariffs on imports on his first day in office, although he has continued to warn that such levies could be imposed against the likes of Canada and Mexico as early as February.
Although specific trade restrictions were not among the raft of executive orders signed in the hours after his swearing in, Mr Trump stated from the Oval Office that measures would be coming in the near future.
In particular, he warned that the US' closest trading partners, Canada and Mexico, could expect duties of 25 percent by February 1st. In addition, he ordered a review of the US-Mexico-Canada free trade agreement that was signed during his first term in office, asking federal agencies to investigate how it impacts American workers, farmers, ranchers, service providers and other businesses.
He also returned to his threats to impose tariffs of up to 100 percent on China. However, he told reporters this may hinge on the outcome of negotiations over the future of social media app TikTok, which was briefly banned in the US earlier this week before Mr Trump promised a delay.
Mr Trump suggested that tariffs could be imposed unless TikTok's Chinese owners ByteDance agree to sell at least half of the app to a US company, while also threatening tariffs on the EU unless the bloc increases the amount of American oil it buys.
These statements highlight how Mr Trump intends to use the prospect of tariffs as a key part of his foreign policy, with allies and adversaries alike set to face economic pressure from the incoming US government.
Earlier in the day, he stated in his inaugural address: “I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”