Trump, who began his second term as president on January 20, defended the tariffs that he announced on Saturday.
Canada and Mexico ordered retaliatory measures to Trump's 25 per cent tariffs, which promise to jolt the economies of all three countries, which are tightly integrated through free-trade agreements.
China said it would challenge Trump's 10 per cent tariffs at the World Trade Organisation and take unspecified countermeasures. Critics said the Republican president's plan will slow global growth and drive prices higher for Americans, but Trump defended his decision.
"The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 Trillion Dollars, and we're not going to be the 'Stupid Country' any longer," the Republican president wrote.
Writing in capital letters, Trump added, "This will be the golden age of America! Will there be some pain? Yes, maybe (and maybe not!)."
The US tariffs, outlined in three executive orders, are due to take effect on at 12.01am ET on Tuesday (4pm AEDT).
Markets were awaiting developments with anxiety, but some analysts said there was some hope for negotiations, especially with Canada and China.
"The tariffs look likely to take effect, though a last-minute compromise cannot be completely ruled out," Goldman Sachs economists said in a note.
Trump vowed to keep them in place until what he described as a national emergency over fentanyl, a deadly opioid, and illegal immigration to the United States ends.
China left the door open for talks with the United States. Its sharpest pushback was over fentanyl.
"Fentanyl is America's problem," China's foreign ministry said, adding that China has taken extensive measures to combat the problem.
Mexican President Claudia Sheinbaum, raising her fist in the air in a speech outside the capital, vowed resilience.
She accused the United States of failing to tackle its fentanyl problem and said it would not be solved by tariffs.
Sheinbaum said she would provide more details on Monday of the retaliatory tariffs she ordered.
In a post on X, Sheinbaum said her government sought dialogue rather than confrontation with its top trade partner to the north, but that Mexico had been forced to respond in kind.
Rechazamos categóricamente la calumnia que hace la Casa Blanca al Gobierno de México de tener alianzas con organizaciones criminales, así como cualquier intención injerencista en nuestro territorio.— Claudia Sheinbaum Pardo (@Claudiashein) Si en algún lugar existe tal alianza es en las armerías de los Estados Unidos…February 2, 2025
Economy Minister Marcelo Ebrard said on X that Trump's tariffs were a "flagrant violation" of the US-Mexico-Canada Agreement.
"Plan B is underway," Ebrard said. "We will win!"
Desde Monterrey , rechazo a las tarifas arbitrarias de la nueva administración Trump — Marcelo Ebrard C. (@m_ebrard) https://t.co/bw1HVHzGbsFebruary 2, 2025
US exports to Mexico accounted for more than $US322 billion in 2023, Census Bureau data showed, while the US imported more than $US475 billion worth of Mexican products.
Prime Minister Justin Trudeau encouraged Canadians on Sunday to boycott their longtime ally after ordering retaliatory tariffs against $US155 billion of US goods, from peanut butter, beer and wine to timber and appliances.
Canadian officials said they were preparing measures to help business who might be hurt by the trade war.
Trump has heaped derision on Canada with calls for the country to become the 51st US state. On Sunday, he said Canada "ceases to exist as a viable country" without its "massive subsidy."
Prime Minister Justin Trudeau urged Canadians to boycott the United States and its goods. (AP PHOTO)
At nearly $US100 billion in 2023, imports of crude oil accounted for roughly a quarter of all US imports from Canada, according to US Census Bureau data.
Investors were considering the effects of additional tariffs promised by Trump, including those related to oil and gas, as well as steel, aluminum, semiconductor chips and pharmaceuticals. The president has also vowed actions against the European Union.
