US President Donald Trump announced plans to impose 25% tariffs on imports from Canada and Mexico, citing their failure to curb illegal immigration and drug trafficking, including fentanyl, into the U.S.

The tariffs could take effect as early as February 1, he stated during his first day in office.

Trump also ordered federal agencies to review trade deficits, unfair practices, and currency manipulation, potentially leading to broader tariffs. The president called for evaluations of trade agreements with Canada, Mexico, and China, aiming to overhaul U.S. trade policies to prioritize American workers and families.

While Trump reiterated threats of additional duties on Chinese imports, he indicated that across-the-board tariffs were under consideration but not yet imminent. Mexico, Canada, and China remain top U.S. trading partners, raising concerns about potential economic repercussions.