On Saturday, February 1, 2025, Donald Trump signed an executive order that places 25% tariffs on Canada and Mexico. This executive order also ensures that China pays an extra 10% levy on top of the hefty tariffs.

Canadian Prime Minister Justin Trudeau responded by enforcing a 25% tariff on $155 billion of American products. Mexico plans to follow suit and impose its own tariffs.

Trump has acknowledged that the American people may feel “some pain” after the tariffs take effect on Tuesday. This could be referring to the possible rising costs around the country. In an interview tonight with NBC, President Trump told reporters that he will be speaking with Canada and Mexico tomorrow. Going on record and saying “I don’t expect anything very dramatic. We put tariffs on, they owe us a lot of money, and I’m sure they’re going to pay.”

Canada, Mexico, and China are some of the United States’ biggest trading partners. These tariffs placed on the United States will most likely force companies to raise their prices, hurting American consumers. With these tariffs being put into effect on Tuesday, prices will rise.