Trump last month delayed the implementation of the 25% tariff against goods from neighboring countries when Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum rushed to reassure him they would crack down on illegal immigration and fentanyl smuggling.

The U.S. imposed 25% tariffs on Mexico and Canada early Tuesday morning, along with imposing an additional 10% tariffs on Chinese imports. The 25% tariffs will apply to all imports from Mexico and Canada,

Trump's threats to put tariffs on imports from Canada and Mexico have weighed on markets, even though there has been considerable uncertainty over whether he would make good on his threat.