The White House said Trump's tariff order also includes a mechanism to escalate the rates if the countries retaliate against the U.S., as they have threatened.

The president is declaring an economic emergency to put duties of 10% on all imports from China and 25% on imports from Mexico and Canada.

Rohit Chopra, head of the top agency for consumer finance, submitted his resignation early Saturday after President Donald Trump fired him overnight, according to a source familiar with the situation.