This was the same date he earlier said he could impose 25% tariffs on Canada and Mexico, accusing them of failing to stop illegal immigration and fentanyl trafficking into the US.
Mexico, Canada and China are leading sources of goods imported by the US, according to official trade data.
Economists have voiced concerns tariffs might cause US inflation to spike and limit the chances for interest rate cuts.
However, after promising tariffs of up to 50% on Chinese imports while he was campaigning, the prospect of 10% tariffs may be seen as manageable by financial markets.
The prospect of starting a wider trade war that slows global growth is more concerning.
The EU’s economy commissioner vowed this week that the bloc stands ready to defend its interests. Speaking at an annual meeting of global elites in Davos, Switzerland, EU chief Ursula von der Leyen declared Europe was ready to negotiate with Trump, while maintaining Washington remains an important partner.
The EU’s “first priority will be to engage early, discuss common interests, and be ready to negotiate” with Trump, she said. “We will be pragmatic, but we will always stand by our principles to protect our interests and uphold our values,” she said.
On Monday, Trump vowed an immediate overhaul of the US trade system – promising to “tariff and tax foreign countries to enrich our citizens”.
He signed an order directing agencies to study a range of trade issues including deficits, unfair practices and currency manipulation. The investigations could pave the way for further duties.
Europeans are fretting the most about Trump’s return, while countries from Brazil to China and India to Turkey believe he will be good for their countries and global peace, according to a recent survey from the European Council on Foreign Relations.
