The President has proposed imposing 25% tariffs on Mexico and Canada starting February 1st. During an Oval Office address this week, Trump cited concerns about border issues and drug trafficking.

Canada's outgoing prime minister and the leader of the country's oil rich province of Alberta are both confident Canada can avoid the 25% tariffs President Donald Trump says he will impose on Feb. 1.

Trump retook the Oval Office on Monday afternoon and has long threatened to introduce a 25% tariff on all Canadian and Mexican imports, unless both countries secure their borders against illegal migrants and drugs, on the first day of his administration.

Canadian Prime Minister Justin Trudeau is joined by Minister of Finance Dominic LeBlanc, (back left to right), Minister of Foreign Affairs Melanie Joly, Minister of Public Safety David McGuinty, as he holds a press conference during a cabinet retreat at Chateau Montebello in Montebello on Jan 21. (AP)

Outgoing Canadian Prime Minister Justin Trudeau says that “nothing is off the table” when it comes to responding to proposed tariffs by U.S.

Canadian Prime Minister Justin Trudeau reiterated on Tuesday that his government is ready to respond to all scenarios if U.S. President Donald Trump imposes tariffs on Canada. Asked about an uncertain timeline on possible tariffs,

President Donald Trump’s repeated threats to slap steep tariffs on Canada and other friendly nations have left Toronto with some of the world’s worst-performing oil and gas stocks.

President Donald Trump stopped short of imposing tariffs on Canada on day one but said they may come as soon as 1 February.