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 confident Canada can avoid the 25% tariffs President Donald Trump says he will impose on Canada and Mexico on Feb.

Canadian Prime Minister Justin Trudeau reiterated on Tuesday that his government is ready to respond to all scenarios if U.S. President Donald Trump imposes tariffs on Canada.