The president wants to begin renegotiating a U.S. trade deal with Canada and Mexico earlier than a scheduled 2026 review, people familiar with his thinking said.

President Trump is using the threat of stiff tariffs on goods from Canada and Mexico to pressure the two nations to start renegotiating a continental trade deal.

Trump said in an Oval Office signing ceremony on Monday that his administration will impose a 25% tax on goods from Canada and Mexico that may come as soon as February 1 – a move that could raise prices for American consumers.