Companies, consumers and farmers across North America braced on Friday for U.S. President Donald Trump to impose 25% tariffs on Canadian and Mexican imports within hours, moves that could disrupt nearly $1.

President Donald Trump said he would follow through on his threat to impose 25% tariffs on imports from Canada and Mexico on Feb. 1, citing the flow of fentanyl and large trade deficits as among the reasons for his decision.

The remarks come amid ongoing discussions between the Trump administration and Mexican and Canadian officials.