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.

Trump underscored his intention to use tariffs as a tool of international economic policy and an increasingly vital source of government revenue.

North American car companies have operated across borders for three decades. Tariffs would raise prices and cost jobs in the short run, analysts say.