President Donald Trump said he planned to enact previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that America’s two immediate neighbors are allowing the flow of undocumented migrants and drugs into the country.

Finance Minister Dominic LeBlanc says Donald Trump's suggestion that he will impose sweeping tariffs on Canada on Feb. 1 is "nothing new," and insists Canada has plans ready for several possible scenarios.

Trump, who was sworn in as president just after noon on Monday, has been reviewing three options: a 25 per cent tariff on Canadian goods, a 10 per cent tariff on goods from all countries or an escalating tariff that starts low and rises over time, according to Canadian officials.

Canadian leaders expressed relief that sweeping tariffs were not applied to Canadian products on the first day of Donald Trump’s presidency and that he did not mention America’s major trading partner

U.S. President Donald Trump on Monday said he was thinking of imposing 25% tariffs on imports from Canada and Mexico because they were allowing many people to cross the border as well as fentanyl. He said the action could come on Feb.

Donald Trump sparked a bout of tumult in financial markets hours after his inauguration as he threatened to hit Mexico and Canada with big tariffs. Speaking in the Oval Office late on Monday, Trump said he could enact tariffs of 25 per cent against both countries as soon as February 1,