President Donald Trump has pledged big tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars.

Trump, who took office on Jan. 20, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.

The U.S. president also vowed to hit the European Union with tariffs and said his administration was discussing a 10% punitive duty on Chinese imports, accusing Beijing of allowing fentanyl to be sent to the U.S. via Mexico and Canada.

Trump voiced his latest tariff threats in remarks to reporters at the White House a day after taking office without immediately imposing tariffs as he had promised during his campaign.

Financial markets and trade groups exhaled briefly after Trump's inauguration, but his latest comments underscored Trump's longstanding desire for broader duties and a new Feb. 1 deadline for 25% tariffs against Canada and Mexico, as well as duties on China and the EU.

Trump said the EU and other countries also had troubling trade surpluses with the United States.

Mexico and Canada struck conciliatory tones in response to Trump's Feb. 1 deadline. Mexican President Claudia Sheinbaum said that she would emphasize Mexico's sovereignty and independence and would respond to U.S. actions "step by step."

But she added that the U.S.-Mexico-Canada free trade agreement was not up for renegotiation until 2026, a comment aimed at pre-empting suggestions that Trump will seek an early revamp of the pact that underpins more than $1.8 trillion in annual three-way trade.

China said it was willing to maintain communication with the U.S. to "properly handle differences and expand mutually beneficial cooperation." It sought to promote stable and sustainable ties with the U.S., the foreign ministry said.

"We always believe that there is no winner in a trade war or tariff war. China will always firmly safeguard its national interests," ministry spokesperson Mao Ning told reporters at a regular press briefing on Wednesday.

Trump on Monday (January 20) signed a broad trade memorandum ordering federal agencies to complete comprehensive reviews of a range of trade issues by April 1.

These include analyzes of persistent U.S. trade deficits, unfair trade practices and currency manipulation among partner countries, including China. Trump's memo asked for recommendations on remedies, including a "global supplemental tariff," and changes to the $800 de minimis duty-free exemption for low-value shipments often blamed for illicit imports of fentanyl precursor chemicals.

The reviews ordered create some breathing room to resolve reported disagreements among Trump's cabinet nominees over how to approach his promises of universal tariffs and duties on Chinese goods of up to 60%. - report from Reuters