Trump pledged in his inaugural address that tariffs would be coming in a speech in which he promised a golden era for America. He later said Canada and Mexico could be hit with the tariffs as soon as Feb. 1, though he signed an executive order requesting a report coordinated by the Secretary of Commerce by April. 1.

President Donald Trump said a 25% tariff on Canada and Mexico could come on February 1 and that a universal tariff isn't off the table.

North American car companies have operated across borders for three decades. Tariffs would raise prices and cost jobs in the short run, analysts say.