Trump plans 10% tariffs on Chinese imports on Feb. 1

President Donald Trump announced he is planning a 10 percent tariff on Chinese imports on Feb. 1 over the country’s role in fentanyl trafficking. 

"We're talking about a tariff of 10% on China, based on the fact that they're sending fentanyl to Mexico and Canada," Trump told reporters at the White House on Tuesday. "Probably February 1st is the date we're looking at." 

When asked about a conversation he had with Chinese President Xi Jinping ahead of his inauguration this week, Trump added that "We didn't talk too much about tariffs other than he knows where I stand." 

During his campaign, Trump threatened tariffs as high as 60 percent on goods from China. He recently pledged on Truth Social to create an "External Revenue Service" to "collect our Tariffs, Duties, and all Revenue that come from Foreign sources." 

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Trump and his allies have argued that such a plan would bolster American manufacturing while making it more difficult for adversaries like China to "export their way out of their current economic malaise," as Treasury Secretary nominee Scott Bessent told senators last week. 

However, Democrats and opponents argue the cost of the tariffs would just be passed on to American consumers. 

"Not only would widespread tariffs drive up costs at home and likely send our economy into recession, but they would likely lead to significant retaliation, hurting American workers, farmers, and businesses," Rep. Suzan DelBene, D-Wash., recently said in a statement. 

At a press briefing Wednesday, Chinese foreign ministry spokesperson Mao Ning told reporters that "We always believe that there is no winner in a trade war or tariff war," according to Reuters. 

Trump also has said a 25 percent levy will be placed on all goods from Canada and Mexico by February. 

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In late November, Trump wrote on his Truth Social account that he would implement such tariffs on Jan. 20 as one of his first Executive Orders and that the tariffs "will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" 

Those promised tariffs haven’t gone into effect yet, but on Monday, Trump did sign an executive order titled "America First Trade Policy." 

"The Secretary of Commerce, in consultation with the Secretary of the Treasury and the United States Trade Representative, shall investigate the causes of our country’s large and persistent annual trade deficits in goods, as well as the economic and national security implications and risks resulting from such deficits, and recommend appropriate measures, such as a global supplemental tariff or other policies, to remedy such deficits," the order says. 

"The Secretary of the Treasury, in consultation with the Secretary of Commerce and the Secretary of Homeland Security, shall investigate the feasibility of establishing and recommend the best methods for designing, building, and implementing an External Revenue Service (ERS) to collect tariffs, duties, and other foreign trade-related revenues," it adds. 

Fox News’ Elizabeth Elkind and Fox Business’ Daniella Genovese contributed to this report.