Trump said in an Oval Office signing ceremony on Monday that his administration will impose a 25% tax on goods from Canada and Mexico that may come as soon as February 1 – a move that could raise prices for American consumers.

Canada’s outgoing prime minister and the leader of the country’s oil rich province of Alberta are confident Canada can avoid the 25% tariffs President Donald Trump says he will impose on Canada and Mexico on Feb.

President Donald Trump’s repeated threats to slap steep tariffs on Canada and other friendly nations have left Toronto with some of the world’s worst-performing oil and gas stocks.