President Donald Trump told reporters Monday that he will delay imposing tariffs on Canada and Mexico until February.
After his inauguration Monday, Trump signed executive orders, but one that has not yet come across the president's desk is the implementation of tariffs on goods coming from Canada and Mexico.
"We're thinking in terms of 25% on Mexico and Canada because they're allowing vast numbers of people" across the border, Trump said. "I think we'll do it Feb. 1."
During the presidential campaign, Trump had promised to implement large tariffs on foreign goods entering the U.S. starting with a 60% tariff on items from China and up to 20% tariffs on other nation's products.
Last week, Trump announced the creation of a new government entity, the External Revenue Service (ERS), designed to collect the tariffs and duties coming in from "foreign sources." In response, Mexican President Claudia Sheinbaum announced a new economic plan to curb imports from China in a sign Mexico is willing to work with Trump on immigration and trade.
Also on Monday, Canadian Prime Minister Justin Trudeau said his government is ready to respond to all scenarios if Trump imposes tariffs.
"Donald Trump's approach does bring in uncertainty," Trudeau said, adding that he speaks "regularly" with Trump.
One order Trump signed was the "America First Trade Policy," which directs the secretaries of Commerce and Treasury and the United States Trade Representative to investigate the causes of America's trade deficits with foreign nations, in addition to building the ERS reviewing existing trade agreements for potential improvements.
"Americans benefit from and deserve an America First trade policy," Trump's order read. "Therefore, I am establishing a robust and reinvigorated trade policy that promotes investment and productivity, enhances our Nation's industrial and technological advantages, defends our economic and national security, and above all – benefits American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses."