The tariffs are coming. Not today, but perhaps on Feb. 1. That’s what U.S. President Donald Trump suggested on Monday, after his inaugural address.

Trump’s speech made scant mention of tariffs, only that he would be establishing an “external revenue service” that would “tariff and tax foreign countries to enrich our citizens.”

The comment came later, when Trump spoke to reporters in the Oval Office. “We’re thinking in terms of 25 per cent (tariffs) on Mexico and Canada because they’re allowing vast numbers of people … and fentanyl to come in,” he said. “I think we’ll do it Feb. 1.”