President Donald Trump said a 25% tariff on Canada and Mexico could come on February 1 and that a universal tariff isn't off the table.

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

President Donald Trump did not immediately impose tariffs on Monday but said in his inaugural address the U.S. would collect "massive amounts" of income from foreign trade duties as his administration works to rebuild American industry.