Donald Trump said he will sign an executive order imposing 25% tariffs on all products arriving in the United States from Canada and Mexico.

The president-elect posted to Truth Social on Monday that the duties will be among his actions on his first day back in the White House on January 20 — Inauguration Day.

Trump’s announcement of the tariff plan described security concerns on the border with the two countries.

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“As everyone knows, thousands of people are streaming through Mexico and Canada, bringing crime and drugs to levels never seen before,” the Republican wrote.

Trump said the tariffs will remain in place until both countries stop drugs, especially fentanyl, and prevent people from crossing the border illegally. He said that until these issues are resolved, Canada and Mexico “will pay a very high price!”

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Trump campaigned on a promise to impose comprehensive tariffs on all imports.

This has raised significant concern, as a Canadian Chamber of Commerce report indicated that a 10 per cent tariff could cut $30 billion from the Canadian economy.

More than 77 per cent of Canadian exports go to the United States and trade accounts for 60 per cent of Canada’s gross domestic product.

Tariffs would also cause a major jolt to the US economy, and it is not clear whether Trump will continue to implement them after campaigning on making life more affordable and increasing the energy market.

Canada is the largest source of US energy imports, and almost all of Canada’s crude oil exports went to its neighbor in 2023.