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.

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

Americans buy $900 billion a year in food, cars, TVs, toys, appliances and other goods from Mexico and Canada. The cost of these products could rise if President Trump carries out his threat to apply 25% tariffs.