By Jeff Mason, Trevor Hunnicutt and Kevin Krolicki WASHINGTON/BEIJING (Reuters) -U.S. President Donald Trump said on Tuesday he is in no hurry to speak to Chinese President Xi Jinping to try to defuse a new trade war between the world's two largest economies sparked by his sweeping 10% tariffs on all Chinese imports.

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.

According to President Sheinbaum, Mexico has cut a deal with the U.S. to delay the tariffs. Under the deal, she said Mexico is sending another 10,000 members of its national guard to the southern border to combat drug traffickers, while the U.S. has agreed to do more to prevent the trafficking of high-powered weapons to Mexico.

The president can cite meaningless "adequate steps," ambiguous drug seizure numbers, and a decline in drug deaths that began before he took office.

Steep tariffs risk sparking retaliatory measures that could rattle the domestic economy. It’s happened before.

Traders and farmers hope that the Trump administration is using tariff threats as leverage in trade negotiations, as opposed to following through with a major disruption to agricultural trade.

The White House said on Monday it has noticed that Mexico is "serious" about President Donald Trump's executive order on tariffs, but Canada has "misunderstood" it to be a trade war between the neighboring countries.