Trump Set On 25% Tariffs on Mexico and Canada Starting February 1

By Akayla Gardner and Josh Wingrove (Bloomberg) —

President Donald Trump said he would follow through on his threat to impose 25% tariffs on imports from Canada and Mexico on Feb. 1, citing the flow of fentanyl and large trade deficits as among the reasons for his decision.

“We’ll be announcing the tariffs on Canada and Mexico for a number of reasons,” Trump told reporters Thursday in the Oval Office as he signed executive actions in response to a deadly airplane collision.

“Number one is the people that have poured into our country so horribly and so much. Number two are the drugs fentanyl and everything else that have come into the country. Number three are the massive subsidies that we’re giving to Canada and to Mexico in the form of deficits,” he said.

And Trump stepped up his threat, adding that the tariff levels “may or may not rise with time.”

Trump also said he would be making a determination as soon as Thursday evening on whether the tariffs would apply to Canadian oil imports, a decision which would hinge upon the price of oil.

“We don’t need the produ…