President Donald Trump's threats to impose punishing tariffs on Canada and Mexico may be part of a strategy to gain leverage ahead of new negotiations on a regional trade agreement, experts said.

Canada could respond to Trump’s tariffs by singling out a list of American-made consumer products for counter tariffs.

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.