President Trump announced on Monday evening that he plans to impose a 25% tariff on products from Canada and Mexico starting from February 1, and may also impose tariffs on most US imports. He also signed an executive order directing federal agencies to conduct a comprehensive review of US trade policy by this spring.

Trump told reporters in the Oval Office of the White House on Monday night that he is considering imposing tariffs on Mexican and Canadian products because these two countries allow "a large number of people to enter the country, and fentanyl enters with them." When asked when these measures would be implemented, Trump said, "I think we will implement them on February 1."