With less than 24 hours before President Donald Trump’s deadline to impose sweeping tariffs on the three biggest US trading partners Canada, Mexico and China the global economy is bracing for impact.

Shortly after taking office this month, Trump said he planned to introduce 25 per cent tariffs on neighbours Canada and Mexico on February 1 unless they cracked down on illegal migrants crossing the US border and the flow of deadly fentanyl.

He added that he was eyeing an additional 10 per cent duty on Chinese goods as soon as Saturday as well, similarly over fentanyl.

On Thursday, he reiterated his commitment to levies on all three countries. Later that day, he also re-upped threats of 100 per cent tariffs on BRICS nations a bloc including Brazil, Russia, India, China and South Africa if they create a rival to the US dollar.

Fentanyl, many times more powerful than heroin, has been responsible for tens of thousands of overdose deaths a year.

Beijing previously rebuffed claims of its complicity in the deadly trade, while Canada has countered that below one per cent of undocumented migrants and fentanyl entering the United States comes through its northern border.

JPMorgan analysts believe the promise of tariffs is “a bargaining chip” to accelerate the renegotiation of a trade deal between the United States, Mexico and Canada.