Trump said new tariffs on Canada and Mexico could arrive within days. Here's what Americans should know about his trade plans.

• Trump did not impose any new tariffs on his first day in office.
• He did suggest that a 25% tariff on Mexico and Canada could come as soon as February 1.
• Trump also suggested that a universal tariff on imports from all foreign countries is not off the table.

President Donald Trump's second term has officially begun, and he has already signaled his plans to roll out new tariffs.

While none of Trump's first-day executive orders imposed tariffs, he told reporters in the Oval Office on Monday night that he's considering new import duties on Canada and Mexico in the next few days.

"We're thinking in terms of 25% on Mexico and Canada because they're allowing vast numbers of people to come in, and fentanyl to come in," Trump said. When asked when he plans to implement those tariffs, Trump replied, "I think February 1."

The tariffs are the president's most immediate trade proposals, and echo his announcement in November when he said he would place a 25% tariff on Canada and Mexico if they failed to crack down on drug and border policy.

Trump also said on Monday that a universal tariff on imports from all foreign countries is not off the table. "I may, but we're not ready for that yet," he said.

Details on how exactly Trump will impose tariffs — including which legal authority he will use — are unclear. Some trade policy experts previously told Business Insider that Trump's tariff policies could increase prices for Americans on a range of impacted goods from targeted countries, including electronics and apparel.

From Mexico and Canada specifically, the US imports oil, car parts, electronics, and medicinal products. Trump has denied that his trade plans will negatively impact consumers.

"Tariffs are going to make us rich as hell," Trump said during a Monday speech. "It's going to bring our country's businesses back."

Trump's press team did not immediately respond to a request for comment from BI on details surrounding tariff plans.

What to know about Trump's trade plans so far

Trump published a memo sent to a range of federal agencies on Monday requesting that each review America's trade policies and how they impact American businesses and workers. This includes directing the Commerce and Treasury Departments to review and identify any unfair trade practices and their national security implications.

The memo also called for the establishment of a new External Revenue Service. Trump first announced his intention to create this new agency on January 14, which he said at the time would collect tariffs and revenue from foreign countries. It's unclear how this differs from US Customs and Border Protection's existing tariff collection programs, and creating a new agency requires approval from Congress.

On the campaign trail, Trump proposed a 60% tariff on China, along with a 100% tariff on BRICS nations unless they commit to not creating a new currency that competes with the US dollar. Trump did not say on Monday when, or if, those tariffs will come. Trump did suggest, however, that he could impose additional tariffs on China if the country does not agree to allow TikTok's owner to sell the app to a US company.

The timing and magnitude of the tariffs' impact on prices will partly depend on the authority Trump uses to impose his trade plans, as certain provisions within the law require different procedures the president would have to undergo to carry out changes to trade policy.

Alan Wolff, a senior fellow at the Peterson Institute for International Economics and former deputy director-general of the World Trade Organization, told BI that with a Republican-controlled Congress, it's unlikely lawmakers will challenge the authority Trump chooses to use.

Still, Wolff said he thinks it's unlikely Trump will move forward with a universal tariff and will instead use it as leverage to achieve policy goals.

"I just don't think that he has the authority, under any of the statutes that have been delegated authority to him, to put on a blanket tariff, which was the original proposal," Wolff said, adding that more targeted tariffs are possible. "I don't think the everyone tariff, every country, every product, is something he could do."