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.

President Donald Trump signaled plans to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that America’s closest neighbors and largest trading partners are letting undocumented migrants and drugs flood into the US.

The U.S. dollar staged a partial rebound on Tuesday after President Donald Trump suggested the U.S. could impose tariffs on Canada and Mexico by Feb. 1, challenging suggestions that his trade policy might be more gradual.