The Trump administration had postponed the implementation of the new levies on Mexico and Canada, the United States' largest trade partners for one month. But the reprieve ends on Tuesday. U.S. Commerce Secretary Howard Lutnick confirmed the tariffs on Canada and Mexico are set to take effect on Tuesday.

Read: Here are all the Trump tariffs hitting the economy in the coming weeks That’s likely to have an impact on the U.S., which imported around 6.28 million barrels per day of crude oil in 2022, more than the 3.

Secretary Lutnick hedged his bets about the economic sanctions being leveled against Canada and Mexico from tomorrow—and refused to rule out a 25% import duty.