President-elect Donald Trump appeared ready to take action on his threat to hit other countries with tariffs in order to obtain foreign policy goals.

On Monday, he announced via social media tariffs on the countries Canada, Mexico, and China over immigration and other concerns.

'We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!'

"As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before. Right now a Caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border," Trump wrote.

"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders. This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" he added.

"We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!" Trump concluded.

In a second post, he said he would impose a tariff on China over fentanyl being sent into the U.S.

"I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail. Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our Country, mostly through Mexico, at levels never seen before," he wrote.

"Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," he added.

Free market advocates have criticized Trump for pushing tariffs by arguing that they usually lead to trade wars that escalate prices and lead to counterproductive market consequences.

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