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.

Trump's new threat of tariffs on Canada and Mexico will hit far beyond autos and retail, with chemicals companies and freight rails key cross-border players.

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