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.

Canada's outgoing prime minister and the leader of the country's oil rich province of Alberta are both confident Canada can avoid the 25% tariffs President Donald Trump says he will impose on Feb. 1.

President Donald Trump did not immediately impose tariffs on Monday as previously promised but said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1 over illegal immigrants and fentanyl crossing into the U.