United States President Donald Trump said his administration is "thinking in terms" of imposing 25% tariffs on goods coming from Mexico and Canada.

"I think we'll do it on February 1st," Trump said, attributing the decision to the fentanyl crisis. He echoed his earlier reasoning behind the plan by stating that the levies would be imposed because Mexico and Canada "are allowing vast numbers of people and fentanyl to come in."

Even though he previously made his intent to implement tariffs on goods from the two countries perfectly clear, there was still some speculation on the extent and timing.