Trump said in an Oval Office signing ceremony on Monday that his administration will impose a 25% tax on goods from Canada and Mexico that may come as soon as February 1 – a move that could raise prices for American consumers.

President Donald Trump promised tax cuts for U.S.-based manufacturing and threatened tariffs on those who didn’t comply.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

President Donald Trump has once again stirred the waters of international trade, reiterating his threat to impose tariffs on Canada unless certain conditions are met. In a bold move, Trump suggested that Canada could avoid these tariffs by becoming a state within the United States.