U.S. President Donald Trump says tariffs of 25 per cent on products from Canada and Mexico could be introduced as early as February, hours after taking office as US president on Monday.

Speaking at the White House while signing various orders shortly after his inauguration, Mr Trump said, “We’re thinking in terms of 25 per cent on Mexico and Canada because they’re allowing vast number of people … to come in.”

“I think we’ll do it February 1,” Mr Trump added, referring to the potential start date for the tariffs.

Earlier on Monday, the Wall Street Journal reported that Mr Trump did not intend to impose tariffs on trading partners like Canada, Mexico, and China.

Instead, he planned to instruct the authorities to assess trade relations with China and its neighbours on the North American continent, the Wall Street Journal reported, citing a summary of a planned memorandum and Trump’s advisers.

Shortly after winning the election in November, Mr Trump threatened to impose tariffs on goods from Canada, Mexico, and China.

There are also fears in the EU that Mr Trump could impose new tariffs.

Tariffs are a type of surcharge on imported goods. They are paid as goods enter the country.

Mr Trump imposed a range of tariffs on imported goods during his first term in office from 2017 to 2021.

(dpa/NAN)