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President Donald Trump has confirmed that tariffs on Canada and Mexico will be implemented tomorrow after a period of uncertainty.
Trump also revealed that tariffs on China will range from 10 to 20 percent.
The US president claimed that other countries have been "very unfair" and the United States has become "a laughing stock" over the past 40 years.
Previously, Trump has mentioned his intention to impose a universal 25 percent tariff on imports coming from Canada and Mexico.
This announcement comes amid widespread criticism from economists about whether these taxes will boost America's economy.
According to research conducted by the Tax Foundation, tariffs imposed on China would reduce long-term gross domestic product (GDP) by 0.1 percent.
Furthermore, the expert group claims that the proposed tariffs on Canada and Mexico will reduce GDP by an additional 0.3 percent.
The proposed extension of steel and aluminum tariffs would hit long-term GDP by less than 0.05 percent, and the proposed tariffs on motor vehicles and auto parts by 0.1 percent.
These estimates of GDP contraction do not take into account the retaliation, which Canada, Mexico and China have pledged to carry out.
The European Union (EU) is also likely to be targeted by the Trump administration, however details have not yet been revealed as to what the economic bloc will be charged with.
According to the tax expert, families will pay an average of about $1,000 per household thanks to these all-inclusive fees.
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