President Trump said on Tuesday that he intended to impose a 10 percent tariff on Chinese imports into the United States on Feb. 1, a decision that is sure to escalate trade tensions between the world’s largest economies.

On the campaign trail, Mr Trump promised a 10 per cent to 20 per cent charge on all imported goods and 60 per cent on Chinese products. He also vowed a 25 per cent tariff on all products from Canada and Mexico, and an additional 10 per cent duty on Chinese goods.

President Donald Trump did not immediately impose tariffs on Monday as previously promised but said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1 over illegal immigrants and fentanyl crossing into the U.

Trump underscored his intention to use tariffs, a tax on foreign goods, as a tool of international economic policy and an increasingly vital source of government revenue.

Nicholas Burns, the U.S. ambassador to China, also said he was leaving his post with deep concerns about the future of relations with China.

President Trump opted against deploying a blanket tariff against U.S. trading partners, but kept the heat on Canada and Mexico.

Though his Monday executive order gives agencies until April 1 to assess 'unfair trade practices,' Trump says Canada and Mexico should expect tariffs next month.

President Trump said Monday that he expects to put 25% tariffs on Canada and Mexico starting Feb. 1, while declining to flesh out his plans for taxing Chinese imports.

Donald Trump sparked a bout of tumult in financial markets hours after his inauguration as he threatened to hit Mexico and Canada with big tariffs. Speaking in the Oval Office late on Monday, Trump said he could enact tariffs of 25 per cent against both countries as soon as February 1,