President Donald Trump's nominee to run the Commerce Department, Howard Lutnick, said on Wednesday that Canada and Mexico can avoid looming U.S. tariffs if they act swiftly to close their borders to fentanyl,

General Motors, the largest producer of cars in Mexico, won’t provide details on how it would react if President Trump imposes 25 percent tariffs from the two countries.

Trump has repeatedly insisted that tariffs are coming on Canada and Mexico, despite both countries seeking to address his stated concerns about illegal border crossings and the smuggling of fentanyl. But the Republican president is also motivated by the idea that tariffs would force other countries to “respect” the United States.

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

Trump plans 25% tariffs on Canada, Mexico. What will it mean for Iowa's economy, farmers? Last time it left a $2 billion dent

Instead, Trump told reporters he would narrow his focus on Canada and Mexico and pledged to impose 25% tariffs on both neighboring countries as soon as Feb. 1, 2025. The threat of said tariffs would be levied in retaliation for allowing illicit drugs and migrants to cross the border.

Leavitt told reporters in her first White House press briefing that Trump also is still "very much" considering fresh tariffs on China for Saturday. Shortly after taking office last week, Trump set a Feb.