Trump, on his first day in office, suggested he may do just that. Trump has threatened to impose 25% tariffs on all goods from Canada and Mexico on February 1 in response to what he views as inadequate border security failing to stop drugs and migrants from coming into the United States.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

The president's pledge to slap 25 percent tariffs on Canada and Mexico could see the prices of goods soar for U.S. consumers.