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President Trump could impose a 25% tariff on goods from Canada and Mexico as soon as Feb. 1.
"We're thinking in terms of 25% on Mexico and Canada because they are allowing vast numbers of people—Canada is a very bad abuser also—vast numbers of people to come in, and fentanyl to come in," Trump said while signing executive orders in the Oval Office on Monday night.
When asked when he might enact those tariffs, Trump replied: "I think Feb. 1."
Trump's "America First Trade Policy" executive order directs the Commerce and Treasury Departments to investigate "any unfair trade practices by other countries and recommend appropriate actions." This includes scrutinizing China, a major producer of PC parts and tech products. In addition, Trump’s executive order calls for establishing an External Revenue Service (ERS) to collect tariffs, duties, and other foreign trade-related revenues.
However, those agencies don't have to report back to Trump until April 1—something the National Retail Federation highlighted in a Monday statement. "Undertaking a strategic assessment of trade priorities is an important first step, and we look forward to working with the president to see that the resulting policy changes are carefully targeted and create an environment that attracts investment and protects critical industries," it said.
Earlier this month, the Consumer Technology Association warned that prices for laptops, tablets, and consoles could jump by 50% if Trump issues a 60% to 100% tariff on Chinese-assembled goods and companies pass that cost on to consumers.
Mexico also has many electronics factories, including those from Foxconn, LG, and Samsung.