President Donald Trump will move forward with aggressive new tariffs on Canada, Mexico and China on Saturday, the White House said, affirming he will stick to his February 1 deadline for the new duties that could have widespread effects on the economy.

President Trump will enact 25% tariffs on Mexico and Canada starting Saturday, as well as a 10% tariff on China.

Stocks surrendered early gains and turned negative on Wall Street after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners. The S&P 500 fell 0.