President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

US President Donald Trump has threatened to slap a 25-percent tariff on Mexican goods on February 1, a move that analysts say would deal a heavy blow to Latin America's second-largest economy.