US President Donald Trump said on Monday that his tariffs on Canada and Mexico are starting next month, ending a month-long suspension on the planned import taxes that could potentially hurt economic growth and worsen inflation.

“We’re on time with the tariffs, and it seems like that’s moving along very rapidly,” he said at a White House news conference with French President Emmanuel Macron.

While Trump was answering a specific question about the taxes to be charged on America's two largest trading partners, the US president also stressed more broadly that his intended “reciprocal” tariffs were on schedule to begin as soon as April.

“The tariffs are going forward on time, on schedule,” Trump said.

Trump has claimed that other countries charge unfair import taxes that have come at the expense of domestic manufacturing and jobs.

His near constant threats of tariffs have already raised concerns among businesses and consumers about an economic slowdown and accelerating inflation.

But Trump claims that the import taxes would ultimately generate revenues to reduce the federal budget deficit and new jobs for workers.

Still, Mexican President Claudia Sheinbaum appeared confident on Monday that her administration would reach agreements with the US government before the deadline set by Trump.

“We would need to be reaching important agreements this Friday,” Sheinbaum told reporters before Trump's remarks.

In high-level discussions between both governments, Mexico has insisted that the US also take a hard look at the drug distribution and consumption in its own country rather than pointing only at production in Mexico, Sheinbaum said. (AP)