President Donald Trump is expected to outline his trade policy for his second term in an executive action Monday. But that action – described by sources as a “placeholder” – won’t institute new global tariffs that Trump has promised would raise trillions of dollars.

The president said he planned to put tariffs on America’s neighbors on Feb. 1, as he signed an executive order mandating a sweeping review of U.S. trade policy.

President Donald Trump said Monday that he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1, while declining to flesh out his plans for taxing Chinese imports. Trump made the announcement in response to reporters' questions while signing executive actions in the Oval Office on his first day back in the White

Donald Trump sparked a bout of tumult in financial markets hours after his inauguration as he threatened to hit Mexico and Canada with big tariffs. Speaking in the Oval Office late on Monday, Trump said he could enact tariffs of 25 per cent against both countries as soon as February 1,

Canadian leaders expressed relief Monday that broad tariffs were not applied to Canadian products on the first day of Donald Trump's presidency, but Trump later said he could impose a 25% tariff on Canada and Mexico on Feb.

President Trump said Monday evening from the White House that he is aiming to place 25% tariffs on imports from Canada and Mexico on Feb. 1. Trump made the comment even as he plans to direct federal agencies to analyze federal trade practices and policies with China and North American allies.