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 25% tariffs on Mexico and Canada start March 4, as he doubled China's tariff to 20% and added agricultural tariffs. Read more for tariff implications.

President Trump will stand before a joint session of Congress on Tuesday to give an accounting of his first weeks in office. Meanwhile, Trump’s long-threatened tariffs against Canada and Mexico finally went into effect Tuesday, setting up costly retaliations by the United States' North American allies.