The president wants to begin renegotiating a U.S. trade deal with Canada and Mexico earlier than a scheduled 2026 review, people familiar with his thinking said.

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.

President Trump is using the threat of stiff tariffs on goods from Canada and Mexico to pressure the two nations to start renegotiating a continental trade deal.

Donald Trump sparked a bout of tumult in financial markets hours after his inauguration as he threatened to hit Mexico and Canada with big tariffs. Speaking in the Oval Office late on Monday, Trump said he could enact tariffs of 25 per cent against both countries as soon as February 1,