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.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

Trump retook the Oval Office on Monday afternoon and has long threatened to introduce a 25% tariff on all Canadian and Mexican imports, unless both countries secure their borders against illegal migrants and drugs, on the first day of his administration.

Outgoing Canadian Prime Minister Justin Trudeau says that “nothing is off the table” when it comes to responding to proposed tariffs by U.S.

Canada's Prime Minister Justin Trudeau listens during a meeting of the Canadian Automotive Partnership Council at Martinrea International in Woodbridge, Ontario, Canada, January 17, 2025. REUTERS/Cole Burston/File Photo TORONTO (Reuters) - Canadian Prime Minister Justin Trudeau reiterated on Tuesday that his government is ready to respond to all scenarios if U.

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.

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