US President Donald Trump said that he was planning on holding talks with leaders of Canada and Mexico on Monday.
He also told reporters that he would slap Europe with tariffs "very soon."
Trump had previously referred to the EU as a "mini China,"promising to pass a "Trump reciprocal trade act" targeting the bloc.
Trump's Sunday statement comes after he imposed 25% tariffs on its two closest neighbors.
The president's order also imposed a 10% duty on goods from China.
Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau vowed retaliatory tariffs in response.
Trump vows to cut funding to South Africa pending 'investigation'
US President Donald Trump said he would end funding to South Africa due to alleged mistreatment of "certain classes of people."
"South Africa is confiscating land, and treating certain classes of people VERY BADLY," Trump said in a post on his Truth Social platform.
"The United States won't stand for it, we will act. Also, I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!" he said.
Trump did not provide evidence for the assertion or specify which group of people was being affected by the alleged mistreatment.
The United States sent nearly $440 million (€430 million) in assistance to South Africa in 2023, according to US government data.Last month.
South African President Cyril Ramaphosa signed a bill that stipulated that the government could expropriate property without compensation under certain circumstances.
In 2018, during Trump's first term, he accused South Africa of "seizing land from white farmers" and spoke of "large scale killing of farmers" amid Pretoria's plans to enact land reform.
Is Trump's tariff threat against BRICS justified?
US President Donald Trump has repeatedly threatened BRICS member states that he would impose a 100% tariff on their imports to the United States if they continue their efforts to create a reserve currency to rival the US dollar.
The BRICS grouping is named after its original members, Brazil, Russia, India, China and South Africa. These nations are seeking to reduce their dependence on the US dollar, the world's reserve currency, which is used for nearly 80% of global trade.
Most economists agree that the dollar-dominated financial system gives the United States major economic advantages, including lower borrowing costs, the ability to sustain larger fiscal deficits and exchange-rate stability, among others.
Russian President Putin and his Brazilian counterpart Luiz Inacio Lula da Silva are the strongest proponents of the new currency. While China has not explicitly expressed a view, Beijing has supported initiatives to reduce reliance on the dollar. India, meanwhile, is a lot more cautious about the idea.
What goods and services could be affected by the tariffs?
The Trump tariffs could impact the prices of many goods in the US, including groceries, gas and other consumer items.
Mexico and Canada are both among the US' top suppliers of fruit, vegetables, and other food items, according to the US Department of Agriculture.
Between 2017 and 2021, Mexico supplied the US with 31% of imported horticultural products including fruit, vegetables and alcoholic beverages, the department said.
Meanwhile, US Energy Information Administration statistics suggest that Canada accounts for over half the US's imported crude oil.
The US reliance on Canadian crude oil has nearly doubled in the last decade, jumping from 33% in 2013 to 60% in 2023, the administration says.
Trump's tariffs are exceptionally lower on Canadian oil imports, coming in at 10% against the 25% tariff he has imposed on other Canadian imports.
Automobiles and auto parts are also among the major imports from Canada and Mexico. Many car and electronics giants have manufacturing plants in Mexico, including Honda, Samsung and LG.
US imports from China, meanwhile, include textile products, furniture, bedding, lamps, toys, games, sports equipment and paint, according to 2021 figures from the US Department of Commerce.
Trump had imposed tariffs on China in his first term, in a move which forced many companies in trade with the US to relocate to Canada and Mexico to evade them. These companies are now bracing for the new wave of tariffs.
The National Retail Federation (NRF), which represents the largest retailers in the US, told Reuters news agency the White House should explore other ways to achieve its policy goals.
"As long as these universal tariffs are in place, Americans will be forced to pay higher prices on everyday consumer goods," said David French, NRF executive vice president of government relations.
Why is Trump imposing tariffs and what do they mean?
Trump is invoking the International Emergency Economic Powers Act in imposing the tariffs, with the White House saying "the extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency."
In 2023, Canada and Mexico bought US goods and services worth $808 billion (€768 billion), according to the US Department of Commerce's Bureau of Economic Analysis.
At the same time, Canada and Mexico sent $1.01 trillion worth of goods to the US. The US trade deficit with Canada is over $40 billion, while the trade deficit with Mexico is over $162 billion.
Most economists think tariffs will increase prices for American consumers.
Trump hopes for a different effect.
For the US president, tariffs are a way to cut the country's "unfair" trade deficit, add to domestic manufacturing capacity through a buy American push and generate government revenue.
Additionally, tariffs are a handy tool in other negotiations like the country's war on drugs and keeping out immigrants along the southern border.
"The economic consequences of such tariffs would be severe for North America, potentially causing significant disruptions to growth and trade relations," wrote Julian Hinz last week.
The research director for trade policy at the Kiel Institute for the World Economy calculates this could lead to a 4.1% drop in GDP for both Mexico and Canada in the first year, since around three-quarters of their total exports go to the US.
Others, like the Peterson Institute for International Economics, say a 25% tariffs on Canadian and Mexican goods would cause pain for all three. For Canada it will be bad, but for Mexico it would be "catastrophic" since they are more dependent on the US. It would eventually drive up some prices in the US.
