Trump also plans to impose new tariffs to match the rates charged by other countries. Set to begin as soon as April, the tariffs could be higher than what other countries would charge as subsidies, regulatory barriers and the value added tax — which is akin to a sales tax common in Europe — would be included in the calculations.

"We're on time with the tariffs, and it seems like that's moving along very rapidly," President Trump said at a joint press conference with French President Emmanuel Macron Monday.

President Donald Trump announced that tariffs on Canadian and Mexican imports will take effect next month, ending a suspension that had delayed their implementation.