Trump tested the waters on tariffs during his first four years in office. Almost immediately, “Trump hit a slew of countries with tariffs on steel and aluminum,” according to the New York Times, then “wielded those taxes as leverage against Canada and Mexico to renegotiate NAFTA.”

US President Donald Trump has threatened to slap a 25-percent tariff on Mexican goods on February 1, a move that analysts say would deal a heavy blow to Latin America's second-largest economy.

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.