On his first day in office, President Donald Trump said that he plans to impose 25% tariffs on imports from Mexico and Canada on February 1, while hinting at the possibility of additional levies on all imports into the U.S. from the rest of the world.

Trump signed more than 200 executive orders within hours of being sworn in, including one that requires federal agencies to deliver a review of U.S. trade policies by April 1, which will include reports on unbalanced trade practices, foreign taxes and currency manipulation. According to The New York Times, Trump also singled out Mexico and Canada for allowing "mass numbers of people and fentanyl" to move across U.S. borders, adding that "essentially all countries take advantage of the U.S." when it comes to trade. The order calls for officials to look into the feasibility of Trump's proposed "External Revenue Service" as well, which would be tasked with collecting tariffs and duties against foreign countries.

Trump also reiterated his threats to return the Panama Canal to U.S. control, the Associated Press reports, with the president claiming that "American ships are being severely overcharged and not treated fairly in any way, shape or form," and that China is being allowed to operate the waterway. Panama President José Raúl Mulino quickly pushed back on Trump's remarks, stating that the canal "is and will remain Panama's," while denying the allegation that any foreign nation is interfering with its day-to-day operations. Panama has independently operated the canal since 1999, 22 years after then-President Jimmy Carter signed a pair of treaties to phase out U.S. control.