British News Agency

Speaking to reporters in the Oval Office, Trump said the tariffs would start at 25% and "may increase or may not over time."

He also repeated his threats to impose new tariffs on Chinese goods, citing China's role in fentanyl trade and its ties to BRICS nations.

Trump stated he was making this move "for several reasons," but he wants both countries to do more to secure their borders and reduce illegal migration and fentanyl flow into the U.S.

When asked whether oil imports would be exempted from tariffs, he replied: "Maybe, maybe not," adding that it would depend on prices and whether the two countries "treat us properly."

According to data from the U.S. Department of Energy, Canada and Mexico were the top two sources of U.S. oil imports in 2023, with shares of 52% and 11%, respectively.