Trump could slap tariffs on Canada, Mexico as soon as Saturday

Trump told reporters when he was asked about whether oil from Canada and Mexico would be included in the tariffs, "We'll be announcing the tariffs on Canada and Mexico for a number of reasons," citing illegal immigration, drugs, and trade deficits.

When pressed on the issue of whether the tariffs would take place, Trump said that he would make the decision by the end of the day, "We may or may not. We're going to make that determination probably tonight," according to Reuters, which said that the tariffs would likely occur on Saturday, February 1.

Trump, when he was asked about if the tariffs had to do with oil, said that it had little to do with oil from the countries, but was considering taking the action due to the fentanyl and illegal immigration happening at the borders of the United States.

Trump added that the tariffs, if they are implemented, "May or may not rise with time." The president has repeatedly warned Canada as well as Mexico about the potential for tariffs if they do not get control over their borders with the United States.

"We have all the oil you need, we have all the trees you need — meaning the lumber we have more than almost anybody — and those two categories and well we have more than anybody," Trump added. The president also floated the possibility of hitting China with a tariff as well, Bloomberg reported

"China is going to end up paying a tariff also. China has to stop sending fentanyl into our country and killing our people," Trump later added, and then said, "We're going to make that determination of what it's going to be."