Trump threatens 25 percent tariffs on Mexico and Canada starting Feb. 1

President Trump on Monday indicated his administration would impose 25 percent tariffs on imports from Mexico and Canada beginning Feb. 1.

“We are thinking in terms of 25 percent on Mexico and Canada because they’re allowing vast numbers of people … to come in, and fentanyl to come in," Trump said when asked while signing executive orders about his thought process on tariffs toward the two countries.

"I think we’ll do it Feb. 1," he added when asked about a timeline.

The action would make good on a threat Trump first made in the final days of the 2024 campaign, when he threatened to impose a tariff of 25 percent on all imports from Mexico, which is the top trade partner with the U.S., unless the Mexican government curbed the flow of migrants at the southern border.

He later expanded that threat to include Canada and China.

The former president rattled financial markets and key U.S. trading partners throughout his first term with his tariff agenda. He has signaled he intends to double down on the use of tariffs, claiming it will benefit the U.S. financially even as experts warn it would amount to a tax on consumers.