Trump last month delayed the implementation of the 25% tariff against goods from neighboring countries when Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum rushed to reassure him they would crack down on illegal immigration and fentanyl smuggling.

Trump's threats to put tariffs on imports from Canada and Mexico have weighed on markets, even though there has been considerable uncertainty over whether he would make good on his threat.

The president has said the tariffs are to force Canada and Mexico to step up their fight against fentanyl trafficking and stop undocumented immigration. Trump has also indicated he wants to even the trade imbalance with both countries, as well as push more factories to relocate in the United States.