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.

US President Donald Trump has threatened to slap a 25-percent tariff on Mexican goods on February 1, a move that analysts say would deal a heavy blow to Latin America's second-largest economy.

Trump underscored his intention to use tariffs as a tool of international economic policy and an increasingly vital source of government revenue.