President Donald Trump confirmed Thursday that he’s planning to levy a 25% tariff on imports from Mexico and Canada starting Saturday—with broader import taxes potentially soon following—reflecting his campaign promises to implement high tariffs, against the views of many economists who believe Trump’s plan would burden everyday consumers.

US President Donald Trump has said he will follow through with his threat to hit imports from Canada and Mexico with 25% border taxes, known as tariffs, on 1 February. But he added that a decision about whether this would include oil from those countries had not yet been made.