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cnbc.com
U.S. President Donald Trump announced the imposition of 25% tariffs on imports from Canada and Mexico, effective February 1.
The decision on whether oil imports will be included in the tariffs is pending, based on how Canada and Mexico 'treat' the U.S. and the pricing of oil.
Both Canada and Mexico have previously stated they would respond to U.S. tariffs with their own measures.
Canadian and Mexican currencies, the peso and the Canadian dollar, showed slight gains against the U.S. dollar following the announcement.
Concerns have been raised that the tariffs could lead to increased prices for consumers in the U.S., Canada, and Mexico, with potential inflationary effects in Canada.