President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers.

President Trump pushed out a wave of executive orders yesterday after his inauguration. NBC News senior business correspondent Christine Romans reports more on when Trump plans to roll out the tariffs he promised on Mexico and Canada.

President Donald Trump said Monday that he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1, while declining to flesh out his plans for taxing Chinese imports.

U.S. President Donald Trump on Tuesday said his administration is discussing imposing a 10% tariff on goods imported from China on Feb. 1 because fentanyl is being sent from China to Mexico and Canada.

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

U.S. President Donald Trump on Monday said he would tariff and tax countries to enrich Americans, promised an overhaul of the trade system, and said the United States would establish an "external revenue service".

Key Takeaways President Donald Trump stopped short of imposing tariffs on day one of his presidency, as he had previously threatened. Instead, he set a deadline of Feb. 1 for implementing a 25% tariff on Canada and Mexico.

The decision from incoming President Donald Trump contradicts his promise to impose a 25 percent tariff on Mexico and Canada on his first day in office.