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 told reporters hours after taking office that he was considering levying a blanket duty on Mexico and Canada on Feb. 1.

Canadian leaders expressed relief that broad tariffs were not applied to Canadian products on the first day of Donald Trump’s presidency.