Donald Trump plans to impose 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China.
The expected move raises fears of price increases for US consumers as the American president suggested he would try to blunt the impact on oil imports.
He has been threatening the tariffs to ensure greater co-operation from the countries on stopping illegal immigration and the smuggling of chemicals used for fentanyl.
And he has also pledged to use tariffs to boost domestic manufacturing.
Many voters backed the Republican on the promise that he could cut inflation, but tariffs could trigger higher prices and potentially disrupt the energy, car, lumber and agricultural sectors.
Mr Trump had said he was weighing issuing an exemption for Canadian and Mexican oil imports.
“I’m probably going to reduce the tariff a little bit on that,” Mr Trump said.
“We think we’re going to bring it down to 10%.”
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The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration.
US daily production during that month averaged nearly 13.5 million barrels a day.
China responded aggressively to tariffs Mr Trump imposed on Chinese goods during his first term, targeting the president’s supporters in rural America with retaliatory taxes on US farm exports.
Both Canada and Mexico have said they have prepared the option of retaliatory tariffs to be used if necessary.
Canadian Prime Minister Justin Trudeau said on Friday: “We’re ready with a response, a purposeful, forceful but reasonable, immediate response.
“It’s not what we want, but if he moves forward, we will also act.”
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Mr Trudeau said tariffs would have “disastrous consequences” for the US, putting American jobs at risk and causing prices to rise.
Mexican President Claudia Sheinbaum said on Friday that Mexico has maintained a dialogue with Mr Trump’s team since before he returned to the White House.
But she emphasised that Mexico has a “plan A, plan B, plan C for what the United States government decides”.
“Now it is very important that the Mexican people know that we are always going to defend the dignity of our people, we are always going to defend the respect of our sovereignty and a dialogue between equals, as we have always said, without subordination,” she added.
Liu Pengyu, spokesman for the Chinese embassy in Washington, said the two countries should resolve their differences through dialogue and consultation.
“There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world,” Mr Liu said in a statement.
“Despite the differences, our two countries share huge common interests and space for co-operation.”
Mr Trump also spoke about a plan for tariffs on the European Union without giving specific details.
He told reporters at the White House that he would “absolutely” put tariffs on the bloc, adding “the European Union has treated us so terribly”.
Russian foreign policy aide Yuri Ushakov and investment envoy Kirill Dmitriev were involved in the talks, which lasted over five fours and ended after midnight.
Both sides agreed not to disclose precise details, but in a one-word social media post, Mr Dmitriev described the meeting as “productive”.
Mr Ushakov called it “rather useful, constructive”, and asked whether peace was closer or further, Mr Ushakov commented: “Not further, that’s for sure”.
However, he said a compromise hadn’t been reached on the issue of territories and that the Kremlin sees “no resolution to the crisis” without one.
Russia wants the whole of the Donbas region – even the parts it does not hold – but Ukraine has balked at the prospect.
Mr Ushakov said there was “still a lot of work to be done, both in Washington and in Moscow” and that “contacts will continue”.
Image: The two sides were joined by translators. Pic: Sputnik/AP
Image: Pic: Reuters
Image: Jared Kushner and Steve Witkoff were joined by Kirill Dmitriev (2nd right) and Yuri Ushakov (left). Pic: Reuters
The meeting took place after an initial 28-point US peace plan was leaked and alarmed European officials, who said it heavily favoured Russia.
An “updated and refined peace framework” was formulated after talks between Europe, the US and Ukraine in Geneva last month.
Earlier on Tuesday, Mr Putin said Russia was ready to fight if Europe wanted a war.
The Russian president accused European powers of changing peace proposals for Ukraine with “demands” that Russia considered “absolutely unacceptable”.
Mr Putin said the Europeans were “on the side of war”.
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2:56
Putin ‘lashes out’ at Europe
“We’re not planning to go to war with Europe, I’ve said that a hundred times,” he said following an investment forum.
“But if Europe suddenly wants to fight us and starts, we’re ready right now. There can be no doubt about that.”
“If Europe suddenly wants to start a war with us and does, then a situation could very quickly arise in which we have no one to negotiate with,” he added.
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1:28
Putin trying to frighten US away from Europe with war remarks
Zelenskyy in Dublin
Ukraine’s President Volodymyr Zelenskyywas in Dublin on Tuesday to meet Ireland’s prime minister and president.
During the trip, Mr Zelenskyy said he was ready to meet Mr Trump again but it would depend on how successful the Moscow talks were.
He said the chances of ending the war were “better now than ever” but warned there would be “no easy decisions” and there must be “no games behind Ukraine’s back”.
Image: President Zelenskyy had a guard of honour in Dublin. Pic: Reuters
Calling it “one of the most challenging but optimistic moments” since Russia invaded in 2022, he said the US was “taking serious steps to end this war one way or another”.
He admitted “some things still need to be worked out” and said a “decent, dignified peace” was needed.
Image: President Zelenskyy, his wife Olena, and Irish President Catherine Connolly. Pic: Reuters
The Irish government announced €100m (£88m) in non-lethal aid for Ukraine, “generosity” for which Mr Zelenskyy said Ukraine was grateful.
It brings the total in non-lethal military aid provided to Ukraine this year to €200m (£176m).
The funding is part of a new Ireland-Ukraine partnership, which builds on an agreement signed last year.
It includes €25m (£22m) for the restoration and protection of energy infrastructure and a scheme to support training and other efforts as part of Ukraine’s path to EU accession, which Mr Zelenskyy said he hoped to achieve within five years.
The Pope has urged Donald Trump not to try to oust Venezuelan President Nicolas Maduro using military force.
Leo, the first American pontiff, said it would be better to attempt dialogue or impose economic pressure on Venezuela if Washington wants to pursue change there.
The Trump administration has been weighing options to combat what it has portrayed as Mr Maduro’s role in supplying illegal drugs that have killed Americans.
The socialist Venezuelan president has denied having any links to the illegal drug trade.
Image: Pope Leo XIV aboard a flight to Rome. Pic: Reuters
Asked during a news conference about President Trump’s threats to remove Mr Maduro by force, the Pope said: “It is better to search for ways of dialogue, or perhaps pressure, including economic pressure.”
He added that Washington should search for other ways to achieve change “if that is what they want to do in the United States”.
The Pope was speaking as he flew home from a visit to Turkey and Lebanon – his first overseas trip in the role.
Image: Venezuela’s President Nicolas Maduro in Caracas. Pic: Reuters
The president held a rally in Caracas amid heightened tensions with Mr Trump’s administration, which has been targeting what it says are boats carrying drug smugglers.
Mr Trump met his national security team on Monday evening, having warned last week that land strikes would start “very soon”.
It’s not been confirmed what was discussed at the meeting, but White House press secretary Karoline Leavitt told reporters: “There’s many options at the president’s disposal that are on the table – and I’ll let him speak on those.”
US forces have carried out at least 21 strikes on boats it claims were carrying narcotics to its shores over the last few months.
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1:55
‘The president has a right to take them out’
Mr Maduro – widely considered a dictator by the West – said on Monday that Venezuelans are ready “to defend [the country] and lead it to the path of peace”.
“We have lived through 22 weeks of aggression that can only be described as psychological terrorism,” he said.
Venezuela has said the boat attacks, which have killed more than 80 people, amount to murder – and that Mr Trump’s true motivation is to oust Mr Maduro and access its oil.
This breaking news story is being updated and more details will be published shortly.
“Many options” are on the table to deal with Venezuelan drug gangs, the White House has said, as the US considers attacking on land.
President Trump is meeting his national security team on Monday and could discuss what would be a major escalation in strikes that have so far only targeted boats.
Karoline Leavitt, the president’s press secretary, did not detail what the meeting would focus on. However, Mr Trump said last week that land strikes would start “very soon”.
“There’s many options at the president’s disposal that are on the table – and I’ll let him speak on those,” Ms Leavitt told reporters.
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0:59
Three killed as US strikes another alleged drug boat
American forces have carried out at least 21 strikes on boats it claims were carrying narcotics to its shores over the last few months.
The US has accused Venezuelan President Nicolas Maduro of being involved in the drugs trade – a claim he denies.
Venezuela has said the attacks, which have killed more than 80 people, amount to murder and that President Trump’s true motivation is to oust Mr Maduro and access its oil.
More on Nicolas Maduro
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President Maduro – widely considered a dictator by the West – said on Monday that Venezuelans are ready “to defend [the country] and lead it to the path of peace”.
“We have lived through 22 weeks of aggression that can only be described as psychological terrorism,” he said.
Concerns have been raised over the legality of the US attacks, which the Pentagon has sought to justify by designating the gangs as foreign terror organisations.
Image: Image of an alleged drug boat being targeted by the US military. Pic: Truth Social
Tensions remain high over America’s large deployment in the Caribbean Sea and eastern Pacific, which includes its flagship aircraft carrier and thousands of troops.
The US has released videos of boats being blown up but has not provided evidence – such as photos of drugs – to support the smuggling claims.
Image: President Maduro is widely considered a dictator by the West. Pic: Reuters
Controversy also surrounds the first incident, on 2 September, in which 11 people were killed – with a follow-up strike targeting the boat after the first attack left two survivors in the water.
US media reported defence secretary Pete Hegseth gave an order beforehand that everyone on board should be killed.
However, there are concerns about the legality of the second strike if the survivors posed no threat.
Mr Hegseth dismissed the reporting as “fake news” and insisted all actions in the region are compliant with US and international law.
“Every trafficker we kill is affiliated with a Designated Terrorist Organization,” he said on X.
President Trump said on Sunday he would not have wanted a second strike and that Mr Hegseth had denied giving such an order.
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8:25
Is US about to go to war with Venezuela?
Ms Leavitt confirmed on Monday that the boat had been hit by a second strike – but denied Mr Hegseth gave the order for the follow-up.
Instead, she said he had authorised US navy vice admiral Frank Bradley to attack and the admiral acted “well within his authority and the law, directing the engagement to ensure the boat was destroyed and the threat to the US was eliminated”.
As the US weighs its next steps, Mr Trump said on Sunday he had spoken to President Maduro by phone and that the conversation went neither “well or badly”.
In recent days, he also stated that Venezuela’sairspace should be considered closed – with the South American nation calling it a “colonial threat” and “illegal, and unjustified aggression”.