President Donald Trump on Thursday announced he will decide tonight on whether to impose sweeping 25% tariffs on Canada and Mexico related to their failure to regulate the flow of fentanyl into the United States.

Trump reiterated the pledge while speaking with reporters Thursday in the Oval Office as he signed executive actions related to Wednesday’s deadly airplane collision.

Trump had threatened to levy those tariffs if the nations did not do more to help secure US borders from the inflow of undocumented migrants and illegal drugs. Markets, business and political leaders had been watching closely to see if Trump would follow through on a tariff threat. –Bloomberg

White House Press Secretary Karoline Leavitt says 25% tariffs on Canada and Mexico are still coming February 1. pic.twitter.com/F9t8SjoSlS

— 𝕊𝔸𝕃𝕋𝕐 𝔾𝕀ℝ𝕃 (@SaltyGirl09) January 30, 2025

The move sent both the Mexican peso and Canadian Dollar reeling, while the US Dollar spiked in response.