Stocks surrendered early gains and closed lower after the White House said President Trump would impose promised tariffs on some key U.S. trading partners

White House press secretary Karoline Leavitt said that there will be 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China starting on Saturday. This fulfills Trump’s repeated promise to implement tariffs on these countries throughout his campaign.

President Trump will enact 25% tariffs on Mexico and Canada starting Saturday, as well as a 10% tariff on China.

The move could devastate international trade and manufacturing, especially for an automotive industry with operations integrated across North America.

The U.S. will begin imposing blanket tariffs on goods imported from Canada, China and Mexico this weekend, the White House announced Friday. Goods from Canada and Mexico — the two largest trading partners of the U.

U.S. President Donald Trump on Saturday will implement tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods with immediate effect, White House spokesperson Karoline Leavitt said on Friday.

Trump had been threatening the tariffs to ensure greater cooperation from the countries on stopping illegal immigration.

Friday rose by +0.58% and posted a 1-week high. The dollar rose Friday on increased safe-haven demand from President Trump’s threat to impose 25% tariffs on goods from Canada and Mexico and a 10% tariff on Chinese goods on Saturday.