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.

Canadian leaders expressed relief that broad tariffs were not applied to Canadian products on the first day of Donald Trump’s presidency.

President Donald Trump’s repeated threats to slap steep tariffs on Canada and other friendly nations have left Toronto with some of the world’s worst-performing oil and gas stocks.