President Donald Trump said a 25% tariff on Canada and Mexico could come on February 1 and that a universal tariff isn't off the table.

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

President Donald Trump signaled plans to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that America’s closest neighbors and largest trading partners are letting undocumented migrants and drugs flood into the US.

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

President Trump said Monday evening from the White House that he is aiming to place 25% tariffs on imports from Canada and Mexico on Feb. 1. Trump made the comment even as he plans to direct federal agencies to analyze federal trade practices and policies with China and North American allies.

Trump in response to a reporter’s question said the administration was considering imposing tariffs of 25% on imports from Mexico and Canada as soon as Feb. 1. The moves, if implemented, would kickstart a long-expected trade war between the three countries.

The European Union and Mexico reignited a stalled upgrade to their free trade deal on Friday, just days before the return to office of U.S. President-elect Donald Trump, who has threatened both sides with tariffs.

Mexico and the European Union are announcing a revamped agreement that they said would boost trade and investment, amid Trump's tariff threats.

The European Union and Mexico agreed to a revamped free-trade agreement, just as both are under pressure from President-elect Donald Trump, who has threatened them with a new round of tariffs.