Donald Trump threatens 25 per cent tariffs on Canada, Mexico as president attempts to curb immigration and fentanyl

US President Donald Trump says his 25 per cent tariffs on Canada and Mexico are coming this weekend, but he’s still considering whether to include oil from those countries as part of his import taxes.

“We may or may not,” Mr Trump told reporters on Thursday in the Oval Office about tariffing oil from Canada and Mexico.

“We’re going to make that determination probably tonight.”

Mr Trump said his decision would be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.

The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration. US daily production during that month averaged nearly 13.5 million barrels a day.

But Mr Trump showed no concerns that import taxes on the US’s trading partners would have a negative impact on the US economy, despite the risk shown in many economic analyses of higher prices.

“We don’t need the products that they have,” Mr Trump said.

“We have all the oil you need. We have all the trees you need, meaning the lumber.”

The president also said China would pay tariffs for its exporting of the chemicals used to make fentanyl. He has previously stated a 10 per cent tariff that would be on top of other import taxes charged on products from China.

Meanwhile, regarding the conflict in the Middle East, Mr Trump isn’t giving up on Egypt and Jordan taking in displaced Gaza residents.

The leaders of both Mideast allies have flatly rejected his idea of moving displaced Palestinians from the war-torn area into their countries. But Mr Trump in an exchange with reporters on Thursday insisted it’s going to happen.

“They’re going to do it,” Mr Trump said when asked whether he could force Egypt and Jordan to take in Palestinians.

“We do a lot for them and they’re going to do it,”

Mr Trump does have leverage to wield over Jordan and Egypt, two strategically important US allies that are heavily dependent on US aid.

He first floated the idea last week, saying he would urge the leaders of the two Arab countries to take in Gaza’s now largely homeless population, so that “we just clean out that whole thing”.