President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers.

President Donald Trump said Monday the U.S. may levy 25% tariffs against Mexico and Canada as early as February.

China has strengthened trade with Latin America at the expense of the U.S. But Donald Trump, who threatens to raise tariffs on Mexico, could upend those ties.