U.S. President Donald Trump on Thursday said his proposed 25% tariffs on Mexican and Canadian goods will take effect March 4 along with an extra 10% duty on Chinese imports because deadly drugs are still pouring into the U.

The prospect of escalating tariffs has already thrown the global economy into turmoil, with consumers expressing fears about inflation worsening.

U.S. President Donald Trump announced new tariffs on Mexican, Canadian, and Chinese imports, citing ongoing fentanyl smuggling. Starting March 4, a 25% tariff will apply to Mexican and Canadian goods,