President Trump is using the threat of stiff tariffs on goods from Canada and Mexico to pressure the two nations to start renegotiating a continental trade deal.

President Donald Trump said a 25% tariff on Canada and Mexico could come on February 1 and that a universal tariff isn't off the table.

Trump was quoted saying his team was thinking of tariffs around 25% which could be announced on Feb. 1 but offered no other specifics.

U.S. President Donald Trump on Monday said he was thinking of imposing 25% tariffs on imports from Canada and Mexico because they were allowing many people to cross the border as well as fentanyl. He said the action could come on Feb.

President Trump said Monday that he expects to put 25% tariffs on Canada and Mexico starting Feb. 1, while declining to flesh out his plans for taxing Chinese imports.

Donald Trump sparked a bout of tumult in financial markets hours after his inauguration as he threatened to hit Mexico and Canada with big tariffs. Speaking in the Oval Office late on Monday, Trump said he could enact tariffs of 25 per cent against both countries as soon as February 1,

President Donald Trump stopped short of imposing tariffs on Canada on day one but said they may come as soon as 1 February.