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.

Canada’s outgoing prime minister and the leader of the country’s oil rich province of Alberta are confident Canada can avoid the 25% tariffs President Donald Trump says he will impose on Canada and Mexico on Feb.

Canada is ready to respond to tariffs from its top trade partner the United States on Monday if President-elect Donald Trump follows through on his threat to impose them, Foreign Minister Melanie Joly said on Friday.