The US is officially imposing tariffs on Canada, Mexico, and China. President Donald Trump announced that goods imported from Mexico and Canada will face a 25 percent tariff, while goods from China will face a 10 percent tariff. There will also be a lower 10 percent tariff on energy resources from Canada. In a series of posts on X announcing the tariffs, the administration claimed they were happening to hold China, Mexico, and Canada accountable for their promises to halt the flood of poisonous drugs into the United States while repeatedly referencing fentanyl.The tariffs are set to go into effect on Tuesday, February 4th, according to The New York Times. Theyre expected to have an impact on a huge swath of goods, ranging from the electronics we use every day to necessities like clothing, pharmaceuticals, and lithium batteries.Here are the facts that you need to know:President Trump is implementing a 25 percent tariff to be paid for by Mexican producers until Mexico cooperates with the U.S. in the fight against drugs.Mexican cartels are the worlds leading traffickers of fentanyl, meth, and other pic.twitter.com/hsA3GoyZNJ The White House (@WhiteHouse) February 1, 2025With tariffs in place, the company importing the goods is the one that pays the additional fee not the exporting country, as Trump has often claimed. These additional fees are typically passed to the consumer in the form of higher prices.This was done through the International Emergency Economic Powers Act (IEEPA) because of the major threat of illegal aliens and deadly drugs killing our Citizens, including fentanyl, Trump said in a post on Truth Social. We need to protect Americans, and it is my duty as President to ensure the safety of all.Tariffs were one of Trumps major campaign promises, and hes floated additional ones, like a tax on semiconductors from Taiwan. (Hes also made threats against Denmark and Colombia.) During Trumps inauguration speech, the president said he will immediately begin the overhaul of the US trade system. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.Update, February 1st: Added information about timing.