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.

Trump pledged in his inaugural address that tariffs would be coming in a speech in which he promised a golden era for America. He later said Canada and Mexico could be hit with the tariffs as soon as Feb. 1, though he signed an executive order requesting a report coordinated by the Secretary of Commerce by April. 1.

Canadian Prime Minister Justin Trudeau reiterated on Tuesday that his government is ready to respond to all scenarios if U.S. President Donald Trump imposes tariffs on Canada.