Trump announced when he will impose a 25% tariff on Canada and Mexico.

U.S. President Donald Trump announced that he will follow through on his threat to impose a 25% tariff on imports from Canada and Mexico starting this Saturday, February 1. He cited the influx of fentanyl and a significant trade deficit as reasons for his decision.

This was reported by RBK-Ukraine referencing Bloomberg.

"We will announce the imposition of tariffs on Canada and Mexico for several reasons. Number one - it's the people who have flooded into our country so terribly and in such large numbers. Number two - it's fentanyl and all the other drugs that have entered the country. Number three - it's the huge subsidies we give to Canada and Mexico in the form of deficits," he explained.

Trump added that the tariff rate "may increase over time, or it may not." Furthermore, he stated that he will decide later today whether tariffs will apply to Canadian oil imports, noting that this decision will depend on oil prices.

"We don’t need the products they have. We have all the oil you need. We have all the trees you need," Trump said, referring to the large imports from Canada.

Following the U.S. President's comments, West Texas Intermediate crude oil futures rose above $73 per barrel. Meanwhile, the U.S. dollar also increased to a daily high, while the Canadian dollar fell.

Trump's Tariff Threats for Other Countries

Recall that on Sunday, January 26, U.S. President Donald Trump instructed his administration to impose 25% tariffs against Colombia, along with a series of sanctions. This decision came after Bogota (the capital of Colombia) refused to accept flights carrying deported migrants from the United States.

Shortly thereafter, Colombia agreed to Trump's terms, as reported by the White House. They also added that due to the agreement reached on the return of deported migrants, the U.S. will not impose tariffs and sanctions against Colombia.

It is worth noting that about a week ago, Trump stated that he would prefer not to impose tariffs against China. However, he indicated that such an option remains open.