U.S. President Donald Trump on Saturday will implement tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods with immediate effect, White House spokesperson Karoline Leavitt said on Friday, Reuters reported.

"The President will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans," Leavitt told a White House Press briefing.

Reuters earlier quoted sources familiar with the tariff deliberations as saying that Trump would announce tariffs on Canadian and Mexican imports on Saturday but delay collection of the duties until March 1 and offer a limited process for certain imports to be exempted.

Leavitt called the report "false," but when asked about exemptions, she said she did not have an "update or readout for you on the exemptions." She added that the duties would be published on Saturday and would take effect immediately.

Leavitt's comments sent the dollar higher, particularly against the Mexican peso and Canadian dollar, both of which had rallied earlier following the Reuters report. Treasury bond yields also rose, while stocks reversed course to move lower on the day.

When Trump imposed punitive duties on Chinese good in 2018 and 2019, there was typically a lag of two to three weeks for Customs and Border Protection to begin collecting tariffs, due to notices required for importers.

The sources, who asked not to be named because they are not authorized to speak publicly on the matter, had told Reuters they hey did not have details on a final tariff rate, but noted Trump has consistently said that he plans to impose a 25% tariff on imports from the two countries on Saturday.

Separately, an administration official said Trump on Friday was reviewing tariff plans, which may allow for some exemptions. Still, any exemptions would be "few and far between," the official said.

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