President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers.

President Donald Trump signaled early plans to use tariffs on imported goods as a key weapon in relations with the United States’ three top trading partners, saying the first new taxes on foreign products could be announced Feb.

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