Trump had unveiled and then paused blanket tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.
The duties stand to impact over $918 billion worth of US imports from both countries.
Beijing warned it would take countermeasures against the new levies to safeguard its own interests.
The Tax Foundation estimates that before accounting for foreign retaliation, tariffs on Canada, Mexico and China this time would each cut US economic output by 0.1 percent.
This could complicate Trump's efforts to fulfill his campaign promises of lowering prices for Americans.
“What they’ll have to do is build their car plants, frankly, and other things in the United States,“ Trump said.
Washington is also seeking leverage and to rebalance trade ties, analysts believe.
But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move, and could trigger lawsuits.
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