President Donald Trump has announced the implementation of a 25% tariff on imports from Canada and Mexico, effective February 1. This decision is part of a series of executive actions aimed at reshaping U.S. economic policies.

In addition to the tariffs, Trump has signed orders to open the Arctic National Wildlife Refuge for oil drilling and to ease regulations on oil and gas production. He also declared a national energy emergency to boost electricity production.

The President has established the External Revenue Service to collect these tariffs and other duties, asserting that the tariffs will generate substantial revenue and encourage domestic manufacturing. However, industry experts warn that such measures could lead to higher consumer prices and increased inflation.

Canada has indicated its preparedness to respond to the new tariffs, signaling potential trade tensions between the neighboring nations. Despite concerns, Trump remains optimistic that these policies will strengthen the U.S. economy and protect American workers.